Former Swiss Re group CEO Michel Lies will replace Tom de Swaan as Zurich Insurance Group Chairman next year.

Zurich’s board will propose Mr Lies’ election at the annual general meeting next April.

“This was a rigorous selection process, with high-quality candidates from across the business spectrum, which is evident in the fact we are able to attract someone of [his] talents and experience,” Mr de Swaan said.

“He brings a wealth of skill and insight gained from a very successful career in our sector, which, combined with his experience at the helm of an important Swiss company, make him the ideal next chairman.”

Mr Lies was Swiss Re group CEO for four years until June last year, and his career in the industry spans almost 40 years.