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Swiss Re boss replaced by deputy

Swiss Re CEO Jacques Aigrain has resigned his position after the reinsurer posted a CHF1 billion ($1.3 billion) loss for last year.

Deputy CEO Stefan Lippe will replace him later this week.

Mr Lippe takes on the top job after 25 years with Swiss Re, including 13 years on the executive board and 10 years as CEO of the Bavarian Re group.

He has also led Swiss Re’s worldwide property and casualty business and has served as the company COO since September last year.