Swiss Re names corporate solutions boss Berger as new CEO [CNBC]
SWISS RE LTD S/ADR (SSREY)
NASDAQ:AMEX Investor Relations:
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Source: CNBC
The announcement follows a strong recovery by the firm in 2023 after a challenging 2022, which has helped to push the company's stock to its highest level in several years. Net profit at Swiss Re surged 580% in 2023. “The board unanimously determined that Andreas Berger is the right person to build on the firm's current momentum and lead Swiss Re into the next phase of its development,” said Jacques de Vaucleroy, vice chairman of Swiss Re's board. De Vaucleroy said Berger had a convincing track record, underscored by his leadership during the successful turnaround of the company's commercial business insurance arm, corporate solutions. Vontobel analyst Simon Foessmeier said except for 2023, profitability at Swiss Re had been below that of peers in recent years, so the CEO change was not a “huge surprise as such.” In a research note, Foessmeier said Berger had built an impressive track record at corporate solutions, adding: “Reinsurance is currently the sweet spot in the secto
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