Swiss Re

The carrier’s P&C re and CorSo units benefited from price increases at 1 April, as well as the receding impact of Ukraine.

The executive returned to Swiss Re after a stint as a management consultant.

The news comes after it emerged last week that RSA was launching into the superyacht class of business.

It was announced last month that Ermotti will step down after the AGM and a short handover period.

Russell Higginbotham, CEO of Swiss Re’s reinsurance solutions, has also been added to the firm’s Global Clients & Solutions executive committee.

Julia Sommer won her tribunal last year after she claimed to have been consistently discriminated against for her sex and was unfairly dismissed after her maternity leave.

Jacques de Vaucleroy has been appointed vice chairman as the carrier seeks a new chairman.

The reinsurer said cat reinsurance rates hit a 20-year high, driven by losses, inflation and financial markets.

Swiss Re estimates that inflation has peaked but is likely to remain persistent in 2023.

The collapse of Silicon Valley Bank is creating investor fear across the global financial services sector. 

The release of Swiss Re, Munich Re, Hannover Re and Scor’s year-end reports provides an update on market conditions.

The transaction builds on a $1.15bn first-of-its-kind hybrid bank and ILS capital deal in April last year.