Swiss Re appoints Berger as group CEO to succeed Mumenthaler

Swiss Re has announced change at the top, with the board of directors choosing Andreas Berger to succeed Christian Mumenthaler as the reinsurer’s group CEO.

Berger (pictured) takes over effective from 1 July 2024, when Mumenthaler will step down after eight years as group CEO.

Berger will step down as the CEO of Corporate Solutions, and Swiss Re said the selection process “has been initiated” for his successor in that role.

Mumenthaler joined Swiss Re in 1999; between 2005 and 2007, he served as group chief risk officer and was head of life and health between 2007 and 2010.

In January 2011, he was appointed chief marketing officer, reinsurance and member of the group executive committee, and became CEO of reinsurance in October 2011.

In July 2016, he was appointed group CEO. He is chairman of the Geneva Association and co-chair of the WEF Alliance of CEO Climate Leaders.

Berger joined Swiss Re in March 2019 as CEO of Corporate Solutions and member of the group executive committee.

Before that, he held leadership positions at Boston Consulting Group, Gerling, and Allianz.

In 2009, he was appointed Allianz Global Corporate & Specialty (AGCS) CEO for its London regional unit.

In 2011, he joined the AGCS management board as chief regions and market officer for Central and Eastern Europe, Mediterranean, Africa and Asia. He also led global broker channel distribution for Allianz Group.

He is chairman of the International Insurance Society and board member of Advance, the Swiss initiative for gender equality in business.

Jacques de Vaucleroy, Swiss Re’s vice chairman of the board of directors, commented:

“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.

“After five years with Swiss Re, he looks back on a convincing track record, underscored by the successful turnaround of the Corporate Solutions business unit he has led.

“He has demonstrated a strong focus on execution while at the same time innovating the business with data analytics-based solutions. He will carry forward a culture of performance and achievements and strong leadership values.

“The board’s thorough succession planning process has resulted in the appointment of an outstanding candidate for the role of Group CEO while it has also demonstrated the strength and depth of Swiss Re’s leadership talent.”

“Christian Mumenthaler steered the company through a period with elevated natural catastrophe activity, an unprecedented low interest rate environment and the COVID-19 pandemic.

During his eight-year tenure, Swiss Re’s premiums earned and fee income grew from around $30bn in 2015 to $45bn in 2023 and group capitalisation was also strengthened substantially, as evidenced by the increased Swiss Solvency Test ratio.

“With the tailwind of delivering on all 2023 financial targets, a dividend increase, and the positive effects of group reorganisation coming through, now is the right moment for CEO succession.

“Christian is an incredibly dedicated, passionate, and intellectually strong leader who has made an impact, also beyond Swiss Re. On behalf of the board, I want to express gratitude and appreciation for his strong commitment and his contributions to the success of the firm. We wish him all the best.”

Mumenthaler said: “It has been a true privilege to serve and lead Swiss Re for so long. I am immensely thankful for the experience and for the progress the entire company has made during this time, rallying so much outstanding talent behind a meaningful purpose.

“I am pleased to be handing over the helm when the company has been able to deliver on its promises. I feel now is the right moment for me to move on. It is fantastic that we appoint one of my colleagues to succeed me. With Andreas, Swiss Re will be in good hands.”

Berger said: “I am honoured by the board’s decision to appoint me to lead this great company. Swiss Re has an outstanding global client franchise across Reinsurance and Corporate Solutions, underpinned by the incredibly strong Swiss Re brand and capital position.

“I’m looking forward to working with all my colleagues on the group executive committee, Swiss Re’s employees and the board of directors to further strengthen this franchise and serve Swiss Re’s clients to achieve their goals.”