(Reuters) — Swiss Re announced on Thursday a reorganization that will split its reinsurance business into two parts that will operate with greater independence.
The property and casualty reinsurance business and the life and health reinsurance business will become independent entities with full authority over their respective underwriting and claims operations. The company said the move would improve efficiency.
“The planned changes will emphasize performance responsibility and provide clear efficiency gains. The simpler setup with shorter decision-making paths will also result in increased customer focus,” says CEO Christian Mumenthaler.
Swiss Re will transfer the responsibility of the group chief insurance officer to the CUOs of the two companies as well as to the risk management division of the group, it said.
The announcement comes a week after news that Swiss Re̵7;s CUO Thierry Leger is leaving to become CEO of rival Scor.
The reorganization will take effect on April 3, subject to regulatory approvals, the company said.