Swiss Re's Board of Directors appoints Raj Singh as new Chief Risk Officer - Christian Mumenthaler takes over Life & Health Products
26 October 2007, Zurich
Swiss Re has appointed Raj Singh as the new Chief Risk Officer. He will succeed Christian Mumenthaler who is taking over operational leadership of the global Life & Health Products Division. Raj Singh, who joins Swiss Re from Allianz SE, where he served as Chief Risk Officer for the Group, has been elected by the Board of Directors upon recommendation of Jacques Aigrain, Chief Executive Officer of Swiss Re. He will join Swiss Re on 1 January 2008 latest.
"With Raj Singh we have brought one of the global leaders in risk management as a successor of Christian Mumenthaler to Swiss Re, who became Chief Risk Officer in 2005. Raj Singh can build on the excellent work of his predecessor. With his broad international experience in the insurance and banking sector, Raj Singh will contribute to the continued development of our position as the leading risk transformer," said Swiss Re's Chief Executive Officer, Jacques Aigrain.
Raj Singh, who will also succeed Christian Mumenthaler as Member of the Executive Committee in his role as Chief Risk Officer, has been in charge of Risk Management at the Allianz Group since 2002. He was responsible for the definition of risk policies, frameworks and processes across the Allianz Group, as well as for the development of the overall risk architecture. Raj Singh was the founding chairman of the Chief Risk Officer Forum for global insurance companies and is chairman and executive board member of the International Finance Risk Institute in Geneva, which brings together the Chief Risk Officers of the leading 30 global financial services companies.
"We are very pleased that Christian Mumenthaler takes over operational responsibility for Life, Health Products. Life, Health is the second largest business segment of Swiss Re. In recent years Life, Health has contributed largely to the diversification of our risk portfolio and therefore also to the reduction of our earnings volatility," said Swiss Re's CEO, Jacques Aigrain. The Board of Directors appointed Christian Mumenthaler upon recommendation of Jacques Aigrain as Head of Life, Health Products in September.
With a premium volume of CHF 10.9 billion (2006), Swiss Re is the world's leading reinsurer of life and health risks. In recent years, this market segment has continually grown, largely due to acquisitions, including the expansion of its Admin Re® business in the US and the UK. More recently, new products, such as variable annuity solutions, have led to success in Asia and the US. Furthermore, Swiss Re has established itself successfully in the UK longevity market. Ultimately, Swiss Re expects a trend towards an increasing securitisation of life and health risks. Swiss Re is already the world leader in risk securitisation. In his new role, Christian Mumenthaler will be a member of Swiss Re's Executive Board.
Christian Mumenthaler will continue to head both the Risk Management and Life, Health divisions until Raj Singh joins the company on 1 January 2008 latest.
Notes to editors
Swiss Re is the world's leading and most diversified global reinsurer. The company operates through offices in more than 25 countries. Founded in Zurich, Switzerland, in 1863, Swiss Re offers financial services products that enable risk-taking essential to enterprise and progress. The company's traditional reinsurance products and related services for property and casualty, as well as the life and health business are complemented by insurance-based corporate finance solutions and supplementary services for comprehensive risk management. Swiss Re is rated "AA-" by Standard, Poor's, "Aa2" by Moody's and "A+" by A.M. Best.
Cautionary note on forward-looking statements
Certain statements and illustrations contained herein are forward-looking. These statements and illustrations provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical fact or current fact. Forward-looking statements typically are identified by words or phrases such as 'anticipate', 'assume', 'believe', 'continue', 'estimate', 'expect', 'foresee', 'intend', 'may increase' and 'may fluctuate' and similar expressions or by future or conditional verbs such as 'will', 'should', 'would' and 'could'. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause Swiss Re's actual results, performance, achievements or prospects to be materially different from any future results, performance, achievements or prospects expressed or implied by such statements. Such factors include, among others:
- the impact of significant investments, acquisitions or dispositions, and any delays, unexpected costs or other issues experienced in connection with any such transactions, including, in the case of acquisitions, issues arising in connection with integrating acquired operations;
- cyclicality of the reinsurance industry;
- changes in general economic conditions, particularly in our core markets;
- uncertainties in estimating reserves;
- the performance of financial markets;
- expected changes in our investment results as a result of the changed composition of our invested assets or changes in our investment policy;
- the frequency, severity and development of insured claim events;
- acts of terrorism and acts of war;
- mortality and morbidity experience;
- policy renewal and lapse rates;
- changes in rating agency policies or practices;
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- changes in levels of interest rates;
- political risks in the countries in which we operate or in which we insure risks;
- extraordinary events affecting our clients, such as bankruptcies and liquidations;
- risks associated with implementing our business strategies;
- changes in currency exchange rates;
- changes in laws and regulations, including changes in accounting standards and taxation requirements; and
- changes in competitive pressures.
These factors are not exhaustive. We operate in a continually changing environment and new risks emerge continually. Readers are cautioned not to place undue reliance on forward-looking statements. We undertake no obligation to publicly revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.
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