Swiss Re appoints new CEO, reports profits

Swiss Reinsurance Co. has appointed Jacques Aigrain, currently deputy CEO of the company, as the new chief executive officer.Aigrain will succeed John Coomber upon his retirement as CEO in December.Coomber will be nominated for the board of directors at Swiss Re’s annual general meeting in 2006, according to the Company.Swiss Re also recently created the new position of chief operating officer, which will be filled by Andreas Beerli, currently head of Swiss Re’s Americas property/casualty division. Swiss Re has reported a profit of 1.35 billion Swiss francs (US$1.05 billion) for the first half of 2005, down 6% compared with the first six months of last year. Earned premiums fell to 4.99 billion Swiss francs (US$3.90 billion) from 5.02 billion Swiss francs (US$3.92 billion). Net realized investment gains dipped to 500 million Swiss francs (US$389.8 million) in the first half of 2005, compared with 700 million Swiss francs (US$559.1 million) for the first six months of 2004, Swiss Re said. Net investment income grew 7% to 2.52 billion Swiss francs (US$1.97 billion). The company’s combined ratio for property and casualty business for the first half of 2005 was 95.5%, compared with 96.1% for the first half of 2004.