Thierry Léger is appointed Chief Executive Officer of SCOR
The Board of Directors, acting on the proposal of the Nomination Committee, has unanimously decided to appoint Thierry Léger Chief Executive Officer of SCOR. Thierry Léger will take up his post as CEO of SCOR with effect from May 1, 2023.
Thierry Léger has 25 years of experience in the reinsurance sector, holding key positions. His expertise covers life reinsurance, P&C reinsurance and alternative reinsurance. The Board of Directors is convinced that Thierry Léger has all the professional skills and managerial qualities required to succeed as CEO of SCOR. The Board of Directors will propose that Thierry Léger join the Board at the 2023 General Meeting.
François de Varenne, Executive Committee member in charge of Investments, Technology, Transformation and Group Corporate Finance, is appointed Interim CEO of SCOR with immediate effect until Thierry Léger takes up his post. The Board of Directors has asked its Chairman Denis Kessler to lend his support to François de Varenne and then Thierry Léger, to ensure the smooth running of this change in executive management.
Laurent Rousseau, who succeeded Denis Kessler as CEO on June 30, 2021, has resigned from his position as CEO and from his position on the Board. He is leaving the Group to pursue other professional opportunities.
Thierry Léger will be responsible for drawing up a new attractive and ambitious strategic plan for SCOR, and will outline the orientations and main themes of this plan at the 2023 General Meeting. His mission will be to help SCOR further consolidate its position as a leading global reinsurer.
The January 1, 2023 P&C renewals, which took place in a favorable environment for property & casualty reinsurance, will be presented on February 7, 2023. The Q4 and full-year 2022 results will be released as scheduled on March 2, 2023.
Denis Kessler, Chairman of SCOR, comments: “Acting on the proposal of the Nomination Committee, the Board of Directors has unanimously decided to entrust the executive management of the Group to Thierry Léger, an experienced and skilled reinsurer who is an expert in both life and non-life reinsurance. Having held key positions at a major global reinsurance company, he has all the skills required to lead the SCOR group and forge a new strategic vision for the company, while pursuing an underwriting policy based entirely on technical profitability. By giving high priority to capital allocation and returns, and by practicing very strict risk management, Thierry Léger will restore the Group’s profitability and maintain its high level of solvency, to the benefit of all stakeholders: clients, shareholders and employees. SCOR is embarking on a new chapter in its history. On behalf of the Board of Directors, I would like to thank Laurent Rousseau for the contribution he has made to the Group during a particularly difficult period.”
Fabrice Brégier, Chairman of the Nomination Committee, comments: “In line with its mandate, and in strict compliance with the principles of corporate governance, the Nomination Committee sought to pinpoint the qualities needed to lead a global reinsurance company in an increasingly complex environment. The profile it drew up was of a leader capable of managing a risk universe that is changing rapidly, in both life and P&C (re)insurance. Thierry Léger fits this profile perfectly, which is what led the committee to propose his appointment as CEO to the Board. The committee also recommended that the interim period be overseen by François de Varenne, building on his 17 years of experience in various roles at SCOR.”
Thierry Léger comments: “I am very happy to be joining SCOR and am honored by the confidence the Board of Directors has placed in me by appointing me CEO. I look forward to meeting the Group’s employees, clients and shareholders. I plan to actively pursue the growth of the company by continuing to develop its products and its structure. The reinsurance sector offers many opportunities, both on the liability side with the increased demand for cover and the improvement of terms and conditions, and on the asset side with the rise in interest rates. I am convinced that SCOR is well placed to take full advantage of this favorable environment. I know that I can count on highly skilled and experienced teams, and on excellent client relations. Let’s all make this journey together. I will focus all my energy on giving fresh impetus to SCOR.”
Swiss Re appoints Thierry Léger as Group Chief Underwriting Officer, announces changes to Life Capital Business Unit
Swiss Re announced the appointment of Thierry Léger as the Group Chief Underwriting Officer, effective 1 September 2020. He succeeds Edi Schmid, who has decided to step down from the Group Executive Committee for personal reasons and take on an advisory role.
Swiss Re’s Chairman Walter B. Kielholz said: “On behalf of the Board of Directors I would like to thank Edi Schmid for his dedication and an enormous contribution to Swiss Re over nearly three decades. We are grateful that he will continue to share his expertise and knowledge with the Group in an advisory capacity. We are also pleased that Thierry Léger has accepted this new challenge after achieving many milestones during his time at the Life Capital Business Unit. His expertise in underwriting, technology, data and innovative solutions will be a big asset in furthering the development of Swiss Re’s leading position in underwriting.“
Edi Schmid has been the Group Chief Underwriting Officer and member of the Group Executive Committee since July 2017. He joined Swiss Re in 1991 and has since held a number of important roles, such as Head Property & Specialty Reinsurance, Head Property & Casualty Risk and Actuarial Management, and Chief Risk Officer Corporate Solutions.
Thierry Léger has been leading the Life Capital Business Unit, which combines Swiss Re’s ReAssure, elipsLife and iptiQ businesses, since its creation in January 2016. He joined Swiss Re as an engineering underwriter in P&C in 1997, before moving to Swiss Re New Markets in 2001, providing non-traditional solutions to insurance clients. Between 2003 and 2005 he was a member of the executive team in France. From 2006, Thierry Léger assumed increasing responsibility for Swiss Re’s largest clients, developing risk and capital solutions, and ultimately becoming the Head of the Globals Division in 2010 and a member of the then existing Group Management Board. In 2013, he assumed the role of the Head of Life & Health Products Reinsurance.
Following the completion of the sale of ReAssure to Phoenix Group Holdings plc, which is expected for the third quarter of 2020, the Life Capital Business Unit will be disbanded. This process is expected to be concluded by the end of December 2020. Effective 1 September 2020, the CEO Life Capital will no longer be a member of the Group Executive Committee.
Subject to applicable regulatory approvals, elipsLife, which provides life and health insurance solutions and services for corporate clients, will move to Corporate Solutions at the end of September 2020, allowing it to better leverage this Business Unit’s relationships with corporates and brokers. Swiss Re’s white-labelling digital insurance platform iptiQ will become a standalone division reporting to the Group CEO, effective 1 January 2021, enabling a greater focus on this business. Swiss Re continues to assess the further streamlining of the legal entity structure of the Group.
Swiss Re’s Group Chief Executive Officer Christian Mumenthaler said: “The changes announced today will position Swiss Re well for the next chapter of the Group’s strategic development. Having grown dynamically over the past years, iptiQ is on track to becoming a leading player in its field. And being part of Corporate Solutions will open further growth opportunities for elipsLife. In underwriting, we will continue to evolve our capabilities through cutting-edge research, access to more and better data and advanced analytics.“