(Bloomberg) -- Swiss Re AG named Christian Mumenthaler, a 17-year veteran of the company who heads the main reinsurance unit, as chief executive officer from July 1. He will succeed the retiring Michel Lies.
Mumenthaler, 46, has held several posts on the company’s executive committee, including that of chief risk officer. The reinsurance unit he led generates about 85% of the company’s revenue, Swiss Re said in a statement Tuesday. No decision has been made yet on a successor for Mumenthaler.
“Although we did not expect this announcement today, we are not surprised by the succession, William Hawkins and Rufus Hone, analysts at Keefe, Bruyette and Woods, said in a note to clients. “Mumenthaler is well-known to the investment community already and has had a number of important roles at Swiss Re. We view this orderly succession favorably.”
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