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Swiss Re Replaces Chief Executive Officer Despite $2.6B Cash Infusion From Buffett

Rating agencies wary after carrier reports $860 million loss thanks to bad

By Daniel Hays | Updated on February 15, 2009

Eight days after Swiss Re announced it had sustained an $860 million loss last year thanks in part to poor credit default swaps, and would need a $2.6 billion capital infusion from Berkshire Hathaway to preserve its “double-A” rating, the company named a new chief executive officer to implement its recovery strategy.

The Zurich, Switzerland-based reinsurance giant last week replaced CEO Jacques Aigrain with Deputy CEO and Chief Operating Officer Stefan Lippe.

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