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Business

The world's biggest reinsurer to cut around 1,000 jobs

Latest update : 2009-04-02

Swiss Re announced it is to cut approximately 10 percent of its world workforce in 2009, which represents around 1,000 job losses. The world's biggest reinsurer posted a record annual loss of 585 million euros last year.

AFP - Swiss Re, the world's biggest reinsurer which had been severely hit by the financial crisis, on Thursday said it would cut around 1,000 jobs worldwide in the next 12 months to trim costs.
  
"Swiss Re intends to reduce its current global headcount of 11,560 by approximately 10 percent over the next 12 months. Any reductions will be undertaken in compliance with applicable laws and regulations," the group said in a statement.
  
The group posted a record annual loss of 864 million Swiss francs (585 million euros, 735 million dollars) in 2008, as earnings were hit by investment losses.
  
Its chief executive officer Jacques Aigrain announced his resignation a week after the February announcement and was replaced by the group's deputy and chief operating officer Stefan Lippe.
  
In Thursday's statement, Swiss Re said that Agostino Galvagni, who heads the global and large risks division, has been appointed to take over as chief operating officer from May 1.
  
The Zurich-based group added that it was "accelerating efforts to simplify the organisation and improve operational effectiveness."
  
"As previously announced, this will lead to running cost reductions of 400 million francs by the end of 2010," it said.

Date created : 2009-04-02

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