Swiss Re is set to appoint Andreas Berger as its new CEO, despite the reinsurer’s strong annual figures for 2023. The decision was made by Swiss Re’s board of directors, who believe Berger is the right leader to guide the company into its next phase of development. Berger currently heads the Corporate Solutions business unit at Swiss Re and will assume the role of CEO in July of this year.
The appointment of Berger as CEO comes after Mumenthaler, who has been in the position since July 2016, announced his resignation. Born in Rwanda, Berger has been with Swiss Re since 2019 and has previous experience in management positions at Boston Consulting Group, Gerling, and Allianz. Despite Swiss Re’s strong performance in 2023, Mumenthaler’s resignation came as a surprise to many analysts who were expecting him to continue leading the company.
Over the past years, Swiss Re has faced challenges such as low interest rates, costly natural disasters, and the COVID-19 pandemic. Mumenthaler’s tenure has been marked by mixed to poor business figures, leading to criticism from investors. The appointment of Berger as CEO is seen as a positive step to avoid falling back into old patterns in tougher times. Berger’s successful turnaround of the Corporate Solutions business unit is expected to be well-received by the market.
Swiss Re’s shares have shown improvement in 2023 with significant price increases, but historically fall short compared to its competitors when it comes to stock performance. The decision to appoint Berger as CEO is seen as a strategic move by many analysts who believe that it will help build on the positive market situation and avoid reverting to old patterns that have hindered growth and development in past years. With a bright future outlook ahead of it and an experienced leader at its helm, Swiss Re remains well-positioned for continued growth and success in years to come
