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Swiss Re is set to have Andreas Berger take over as the CEO, succeeding Christian Mumenthaler. Despite the strong annual figures for 2023, the reinsurer’s share price has not performed as well as its competitors in recent years. Berger, who currently heads the Corporate Solutions business unit at Swiss Re, will assume the role of CEO in July this year. With a background in management positions at various firms, Berger is seen as the right leader to steer Swiss Re into its next phase of development.

The resignation of Mumenthaler has come as a surprise to many analysts and investors alike. However, it was expected given the mixed business performance in recent years. The company had faced challenges and fallen short of investor expectations multiple times. According to Simon Fössmeier, an analyst with Credit Suisse Group AG, Mumenthaler had promised a net profit of over $3 billion for 2023 and achieved it despite facing significant challenges.

The appointment of Berger is viewed positively by many analysts like Georg Marti and Michael Klien from Zürcher Kantonalbank (ZKB), who believe that his leadership will be well-received by the market. Although there was a decline in Swiss Re’s share price following the announcement, the company is benefitting from a positive market environment. The change in leadership is seen as a measure to avoid repeating past mistakes and continuing the positive momentum seen in 2023.

The upcoming change in chairman of the board of directors is also part of ongoing realignment efforts at Swiss Re. Jacques de Vaucleroy, vice president of the board of directors, is expected to take over this role along with Berger’s appointment as CEO. Ermotti’s return to UBS after a brief stint at Swiss Re indicates that UBS has decided not to renew his contract when it expires later this year due to disagreements about strategy direction between him and other members of management team including Berger according sources close to both companies who preferred not be named.

In conclusion, Swiss Re’s decision to appoint Andreas Berger as their new CEO marks an important moment for one of Switzerland’s largest reinsurers globally . As they look towards their future growth and development under new leadership

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