… as Swiss Re counts the cost
New Swiss Re CEO Stefan Lippe says the reinsurance giant will cut expenses by at least CHF200 million ($260 million) this year by revamping IT and using fewer consultants.
Mr Lippe has replaced Jacques Aigrain, who lasted just three years as CEO.
Addressing the Swiss Re AGM in the wake of a CHF864 million ($1.12 billion) full-year loss for 2008, Mr Lippe says 2009 will be spent “significantly increasing efficiency”.
“These steps include restructuring measures in IT, a massive cutback in the use of external consultants and the setting-up of central IT and accounting functions.”
Mr Lippe says emerging trends in demand and supply point to higher reinsurance prices, and Swiss Re anticipates a noticeable surge in demand for products focusing on capital relief for clients.
Mr Lippe has replaced Jacques Aigrain, who lasted just three years as CEO.
Addressing the Swiss Re AGM in the wake of a CHF864 million ($1.12 billion) full-year loss for 2008, Mr Lippe says 2009 will be spent “significantly increasing efficiency”.
“These steps include restructuring measures in IT, a massive cutback in the use of external consultants and the setting-up of central IT and accounting functions.”
Mr Lippe says emerging trends in demand and supply point to higher reinsurance prices, and Swiss Re anticipates a noticeable surge in demand for products focusing on capital relief for clients.