BERLIN (Reuters) - Switzerland's Swiss Re announced a reorganisation on Thursday that will split its reinsurance business into two parts that will operate with greater independence, which it said would improve efficiency.
The division will see the property and casualty reinsurance business on the one hand and the life and health reinsurance operations on the other hand become independent units with full authority over their respective underwriting and claims management.
"The planned changes will emphasise performance accountabilities and bring clear efficiencies. The simpler set-up with shorter decision paths will also result in enhanced client focus," Chief Executive Christian Mumenthaler said.
Swiss Re will transfer the responsibilities of the group Chief Underwriting Officer (CUO) to the CUOs of the two businesses as well as to the group risk management division, it said.
The announcement comes a week after news that Swiss Re's CUO Thierry Leger was stepping down to become CEO of rival Scor.
The reorganization will be effective from April 3, subject to regulatory approvals, according to the company.