Swiss Re appoints Roger Ferguson as Head of Financial Services and Member of the Executive Committee effective immediately
03 October 2006, Zurich
Swiss Re today announced the appointment of Roger W. Ferguson, Jr., as Head of Financial Services and Member of Swiss Re's Executive Committee.
Roger W. Ferguson will assume the leadership of Financial Services and become Member of the Executive Committee with immediate effect. He joined Swiss Re from the U.S. Federal Reserve Board as Chairman of Swiss Re America Holding in June 2006. He will continue in that role.
Swiss Re's CEO Jacques Aigrain says: "I am delighted that we were able to attract Roger Ferguson for this enhanced executive responsibility. Our Financial Services business will greatly benefit from his outstanding expertise in the financial markets. His vision, intellectual and managerial talent, and experience as a former Vice Chairman of the Federal Reserve are a welcome contribution to our Executive Committee."
As Head of Financial Services, Roger Ferguson will have overall responsibility for Swiss Re's proprietary Asset Management with CHF 160 billion assets under management. In addition, Capital Management and Advisory, serving as the company's capital market platform with a leading position in the growing insurance bonds and derivative activities, and Credit Solutions, Swiss Re's credit risk underwriting unit and global leader in trade credit and surety reinsurance, fall under his responsibility.
Roger Ferguson's executive team includes Benjamin Meuli, Chief Investment Officer, based in Zurich, Phil Lotz, CEO of Capital Management and Advisory, based in New York, and Peter Schmidt, Head of Credit Solutions, based in Zurich. Roger Ferguson will continue to be based in the U.S.
Factsheet Financial Services
Financial Services provides Swiss Re with greater flexibility in managing its balance sheet and reducing earnings volatility, while increasing the transparency and liquidity of insurance risks for both investors and clients.
Financial Services includes the units Capital Management and Advisory, headed by Phil Lotz, Credit Solutions, led by Peter Schmidt, and Swiss Re's proprietary Asset Management, headed by Benjamin Meuli.
In 2005, Financial Services had total revenues of CHF 1 694 millions and an operating income of CHF 366 millions.
Financial Services has about 800 employees. Its main locations are Zurich, New York and London.
Notes to editors
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.