Swiss Re appoints David Blumer as Head of Financial Markets and Member of the Executive Committee
02 April 2008, Zurich
Swiss Re appoints David Blumer as Head of Financial Markets and Member of the Executive Committee. He will succeed Roger Ferguson, who will accept a senior position at a major financial institution.
Swiss Re announced today that David Blumer has been appointed as Head of Financial Markets and Member of the Executive Committee effective from May 2008. David Blumer was Chief Executive Officer of Asset Management at Credit Suisse and a member of the Executive Board of Credit Suisse.
"Swiss Re is delighted to welcome a highly skilled leader with extensive expertise in the field of asset management, as well as other aspects of the financial markets. With his broad asset management skills, David Blumer will inject new perspectives that will further strengthen our competitive advantage and invigorate the team", said Jacques Aigrain, Swiss Re's Chief Executive Officer.
Roger Ferguson will accept a senior position at a major financial institution. He joined Swiss Re in June 2006 as Chairman of Swiss Re America Holding Corporation and took on the additional role of Member of the Executive Committee and Head of Financial Services in October 2006.
"We would like to thank Roger Ferguson for his extensive contributions to the implementation of the strategically important new structure of our Financial Markets business", said Jacques Aigrain, Chief Executive Officer of Swiss Re.
In November 2007, Swiss Re announced a number of steps to simplify its Financial Services activities and to integrate them into the existing organisational structure. This culminated in the new risk segment reporting presented on 29 February 2008. The Financial Markets activities are focused on managing the assets generated by the (re)insurance businesses, and on developing financial market solutions for insurance risks and clients. This includes insurance-linked securities, environmental risk transfer, trade credit and surety reinsurance, life insurance solutions (eg variable annuity, longevity) and third party asset management under the Conning brand.
Notes to editors
Swiss Re is a leading and highly 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.
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