Swiss Re has appointed a new CEO, Jacques Aigrain, to succeed Briton John Coomber, who will retire on December 31. The handover to Mr Aigrain, 51, who is currently Deputy CEO, is part of the new organisational structure, says Swiss Re Chairman Peter Forstmoser.

He says the company’s long-term management plan “allows a smooth transition at the helm of the organisation to Jacques Aigrain”.

Obviously, the management shake-up has a great deal more to do with the recent fall in Swiss Re’s first-half profit and a 4% fall in premiums. Mr Coomber, who was in the top job for just three years – he got the job after two years of losses – recently split the group in three.

Swiss Re and rivals including Munich Re were hurt earlier this decade by claims related to the terrorist attacks on the United States in 2001 and by falling stock markets that led to investment writedowns.

Mr Coomber says Swiss Re has rebuilt its financial strength over the past few years and “progressed its strategic agenda”.

The company said in a statement that Mr Aigrain “brings broad operational and management expertise” to the job “that will enable him to further strengthen Swiss Re’s position”.