Swiss Re’s Group CIO Guido Fürer to retire after 25 years with the Company
Swiss Re’s Group Chief Investment Officer and Country President Switzerland, Guido Fürer, has decided to retire effective 31 March 2023, after 25 years with the Company and having served as Group CIO for a full decade.
Guido Fürer, Swiss Re’s Group Chief Investment Officer, said: “After a 35-year-long, fulfilling career in the financial sector, I want to enjoy more time with my family and dedicate myself to my pro bono activities on various foundation boards.”
Christian Mumenthaler, Swiss Re’s Group Chief Executive Officer, said: “While we fully respect Guido’s decision, we will miss him and his relentless commitment to the Company. Guido also has continuously reinforced Swiss Re’s stature as one of the cornerstones of the Swiss financial center.”
Sergio Ermotti, Chairman of Swiss Re’s Board of Directors, said: “On behalf of the Swiss Re Board of Directors, I would like to thank Guido Fürer for his huge contribution to the success of the Group over the past 25 years. I wish him all the best for his future endeavors. Until the actual transition will take place, Guido will continue to serve the Company with full dedication and commitment. His passion for his team’s and the Company’s performance will help us ensure a smooth transition.”
Mark Drummond-Brady to retire from Marsh
Marsh, the world’s leading insurance broker and risk advisor, announced that Mark Drummond-Brady, who currently serves as Vice Chairman, will retire in March 2022. Mr. Drummond-Brady joined Marsh in 2019 following Marsh McLennan’s acquisition of Jardine Lloyd Thompson Group plc (JLT).
In a highly successful career spanning more than 40 years, Mr. Drummond-Brady served as an officer in the British Army before entering the insurance industry and joining JLT where he spent more than 30 years in senior roles. He was named Deputy Group CEO for JLT in 2014. Mr. Drummond-Brady also served on the board of the Council of Insurance Agents and Brokers (CIAB) for two terms.
Commenting on Mr. Drummond-Brady’s retirement, John Doyle, Group President and Chief Operating Officer, Marsh McLennan, said: “Since joining the business, Mark has played a key role in successfully integrating Marsh and JLT. His passion for delivering the best of the combined firm has benefitted our colleagues, clients, and communities, particularly during the pandemic. On behalf of Marsh McLennan, I would like to thank Mark for his many contributions and extend our best wishes to him for the future.”
Janet Voûte to retire as a Bupa’s Non-Executive Director
Bupa announced that Janet Voûte will retire as a Non-Executive Director of Bupa on 31 December 2021, following completion of her second three-year term on the Board.
Roger Davis, Chairman of Bupa, said: “On behalf of the Board, I would like to thank Janet for her tremendous contribution to the Board and its committees over the last six years. In particular, Janet has supported, and been a strong advocate for, Bupa’s evolving customer and sustainability agendas. We wish her all the best for the future.”
Chubb Announces Chief Financial Officer Philip Bancroft to Retire; Peter Enns to Become CFO Effective July 1
Chubb announced that Philip Bancroft, Executive Vice President of Chubb Group and Chief Financial Officer, plans to retire from the company on July 1 after 19 years of service. Peter Enns has agreed to join the company on or before April 1 as Executive Vice President, Finance, Chubb Group and succeed Mr. Bancroft upon his retirement.
Mr. Enns has more than 30 years of finance and investment banking experience. He spent over 20 years with Goldman Sachs in various senior roles, including partner of the firm’s U.S. Financial Institutions Group based in New York, head of its Asia Financial Institutions Group based in Hong Kong, and chief executive of its business operations in Canada. More recently, Mr. Enns held a number of roles with HSBC, including his last assignment as Global Co-Head of Investment Banking Coverage based in Hong Kong.
Mr. Enns will report to Evan G. Greenberg, Chairman and Chief Executive Officer, and join the company’s Executive Committee. Mr. Bancroft is expected to remain with the company in an advisory capacity for the balance of the year and be available to support Mr. Enns.
“On behalf of all my colleagues and our Board of Directors, I want to extend our deepest gratitude to Phil Bancroft,” said Mr. Greenberg. “Phil has contributed a great deal to our company’s success over his nearly 20 years. He has been a key member of the executive team that helped transform the company to become what it is today, the world’s largest publicly traded property and casualty insurer. Under his leadership, Phil has built and groomed an outstanding finance team. I wish Phil and his wife Denise much happiness in his retirement.”
“I am delighted to welcome Peter Enns to Chubb,” Mr. Greenberg said. “Peter and I have known each other for more than 15 years. He has the right background to lead our finance organization, with proven experience in corporate finance, investment banking, accounting and public markets. Peter’s broad experience across financial services includes property, casualty and life insurance as well as asset management. He is a seasoned international executive with deep knowledge and operating experience in the Asia region, including China. His character, integrity and style are an excellent fit for the Chubb culture.”
Mr. Enns joined Goldman Sachs in 1996 and for over two decades held positions of increasing authority. He served as Chairman and CEO of Goldman Sachs Canada from 2014 to 2017; Head of the Asia Financial Institutions Group from 2010 to 2014; and Partner of the U.S. Financial Institutions Group from 2006 to 2010. Earlier in his Goldman Sachs career he served as Managing Director and Senior Coverage Banker for the North America Financial Institutions Group and as Vice President, Managing Director and Senior Coverage Banker for Goldman Sachs Canada. Mr. Enns joined HSBC in 2018 as Global Head, Financial Institutions Group and subsequently served as Global Co-Head of Corporate Finance Coverage and, most recently, as Global Co-Head of Investment Banking Coverage.
Mr. Enns holds an MBA degree in Finance and Accounting from the Wharton School of Business, University of Pennsylvania, and a Bachelor of Business degree from the University of Western Ontario. Mr. Enns is a Chartered Financial Analyst.
Levy to Retire as CEO of Munich Re US; Winter to Succeed Him
Steven Levy, the longtime president and CEO of Munich Re US, plans to retire on April 1. Munich Re executive Marcus Winter will replace him, the company disclosed.
Levy has worked for Munich Re US for 23 years, holding a number of leadership positions including president of the Credit & Surety Division and Chief Financial Officer. He has held his current job since 2014 and has served as member of the Munich Re US P&C Executive Board since 2008.
Winter currently serves as Head of Reinsurance Development for Munich Re. Since 2002, he has held several roles with Munich Re, including Head of CU Cross Lines based in Munich, and General Manager, Non-Life, Munich Re, Australia, based in Sydney. For his new position, Winter will be based in Princeton, N.J. and report to Anthony Kuczinski, CEO of Munich Re US Holding.
Munich Reinsurance America is a subsidiary of Germany’s Munich Re.