Swiss Re chairman Sergio P. Ermotti has stepped down from his post after completing his agreed handover period.

The reinsurer previously announced Mr Ermotti’s intentions to leave his role following its annual general meeting on April 12. Mr Ermotti was recently appointed CEO of Swiss-based bank UBS, where he will head its £2.65 billion ($5 billion) merger with Credit Swisse.

Lead independent director and current Vice-Chairman Jacques de Vaucleroy will take over as interim chair while the group looks for a permanent successor.