Swiss Re is searching for a group chief risk officer to replace long-serving Patrick Raaflaub, who is retiring.  

The reinsurer has also promoted Kera McDonald to group chief underwriting officer, effective from June. She will steer group capacity allocation, define mid-term underwriting targets and approve large or complex transactions.

Ms McDonald has been chief underwriting officer at Swiss Re Corporate Solutions since May 2022, and with Swiss Re since 2006.

She has improved costing accuracy and enhanced portfolio management discipline and processes, CEO Andreas Berger says.

“Underwriting is at the core of everything we do, and the re-establishment of this function underscores our commitment to enhancing technical excellence across all businesses,” he said.

Mr Raaflaub will retire by the end of September and Swiss Re says the “succession process is currently in progress, and a successor will be announced in due course”.

He joined Swiss Re in 1994 and has held leadership roles in finance and capital management. He has been in the group CRO role since 2014.  

Mr Berger said: “It has been a privilege to serve on the group executive committee with Patrick over the past years. He has successfully driven an integrated approach to managing current and emerging risks across the company.

“I respect his wish to retire after such a long and rewarding career and would like to thank him for his many contributions over the past years and his commitment to stay with the company until we have appointed his successor.

“On behalf of the entire executive team, I wish him all the best for the future.”