Swiss Re appoints George Quinn as Chief Financial Officer as of 1 March 2007 - The Executive Board is further reinforced with three additional appointments

15 December 2006, Zurich

Swiss Re has appointed George Quinn as Group Chief Financial Officer and Member of the Executive Committee, effective 1 March 2007. George Quinn, currently Regional Chief Financial Officer for Swiss Re Americas, succeeds Ann Godbehere.

After creating a highly successful global model for finance at Swiss Re, steering the return to superior financial strength of the firm, and leading the financing of a number of major acquisitions including the closing of GE Insurance Solutions as well as the GE Life UK transaction which closed 14 December, Ann Godbehere, Group Chief Financial Officer will leave the firm after the completion of the 2006 financial reporting cycle.

“The entire Board of Directors and Executive Board thank Ann for her dedication and commitment to the firm in a career which spans more than 25 years with Swiss Re and the former Mercantile & General Reinsurance”, says Peter Forstmoser, Chairman of the Board of Directors of Swiss Re.

“Her expertise and judgment is widely recognized in the insurance industry, and she stands for excellence in all finance matters”, says Swiss Re’s Chief Executive Officer, Jacques Aigrain.

The Board of Directors has appointed George Quinn as new Group Chief Financial Officer and Member of the Executive Committee, effective 1 March 2007. George Quinn is currently Regional Chief Financial Officer for Swiss Re Americas, which accounts for roughly 50% of the business and assets of Swiss Re. George Quinn will relocate to Switzerland where he already was based as the company’s Chief Accounting Officer.

“With George Quinn, Swiss Re has nominated an international financial expert with extensive knowledge of Swiss Re and its markets. We are looking forward to working with him in a team”, says Peter Forstmoser, Chairman of the Board of Directors of Swiss Re.

George Quinn joined Swiss Re on 1 January 1999 from KPMG. His previous roles at Swiss Re include Chief Accounting Officer and Business Group Chief Financial Officer for Financial Services. Most recently he served as Regional Chief Financial Officer of Swiss Re Americas and played a leading role in the acquisition and integration of GE Insurance Solutions.

George Quinn is a member of the Institute of Chartered Accountants in England and Wales, and holds a degree in Engineering from the University of Strathclyde. He has represented Swiss Re in a number of industry groups including the Geneva Association's accounting task force and the European Insurance CFO Forum. He has also served as a member of the International Accounting Standards Board's insurance advisory committee.

Ann Godbehere has been the company’s Group Chief Financial Officer for close to four years. She joined the company in 1996, following the acquisition of the Mercantile & General Reinsurance Group. Prior to becoming the Group’s CFO, she was Chief Financial Officer for the Property & Casualty Business Group and for the Life & Health Business Group and previously in North America she held a number of senior positions including Chief Executive Officer of Swiss Re Life & Health Canada.

On the occasion of its recent Board of Directors meeting, Swiss Re also appointed, with effect of 1 January 2007, to the Executive Board upon the CEO’s recommendation, Markus Diethelm, Group Chief Legal Officer, Philip Lotz, Chief Executive Officer of Capital Markets and Advisory, and Jonathan Isherwood as Global Head of Claims and Liability Management. “Each of the new Members of the Executive Board brings deep experience and leadership to areas which are of critical value and material importance to the long term development of the Group”, says Jacques Aigrain, Chief Executive Officer of Swiss Re.

Notes to editors

Swiss Re

Swiss Re is the world’s leading and most diversified global reinsurer. The company operates through offices in over 30 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 contained herein are forward-looking. These statements 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 future investments, acquisitions or dispositions, and any delays, unexpected costs or other issues experienced in connection with any such transaction, including the ability to efficiently and effectively integrate the GE Insurance Solutions operations into our own;
  • 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 investment 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;
  • the lowering or withdrawal of one or more of the financial strength or credit ratings of one or more of our subsidiaries;
  • 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.