Introduction to Board Changes at Swiss Re
Global reinsurer Swiss Re has announced significant changes to its Board of Directors, nominating Morten Hübbe and George Quinn as new, non-executive, and independent members for election to serve a one-year term. This decision will be put forward at the upcoming annual general meeting (AGM) in 2025.
Simultaneously, Swiss Re has confirmed that current board members, Philip Ryan and Sir Paul Tucker, have decided not to seek re-election at the AGM. The board has also recommended the re-election of all other current members for another one-year tenure, including Jacques de Vaucleroy as both a Board member and Chairman.
New Board Member Nominations
Swiss Re’s Board has proposed the re-election of Deanna Ong, Jay Ralph, and Joerg Reinhardt, alongside the election of Morten Hübbe to the Compensation Committee. Hübbe, who led Tryg, Scandinavia’s largest non-life insurer, as Group CEO from 2011 to 2023 and served as CFO prior to that, brings a wealth of experience from his time at Zurich Insurance Group and Almindelig Brand Insurance in Denmark.
Currently, Hübbe is the Chairman of the Boards at Conscia and Trustly. Meanwhile, George Quinn, formerly Group CFO at Zurich Insurance Group until 2024, offers a deep understanding of the industry, having held various leadership roles at Swiss Re, including Group CFO from 2007 to 2014.
Chairman Remarks
Jacques de Vaucleroy commented, “We are thrilled to welcome two exceptional professionals, Morten Hübbe and George Quinn, who bring a wealth of insurance expertise, strategic acumen, and a deep understanding of our core business. I extend my gratitude to Philip Ryan and Sir Paul Tucker for their exceptional dedication and invaluable contributions to Swiss Re’s strategic progress over the years.”
Financial Performance and Strategy
In addition to these strategic changes, Swiss Re is proposing an increased dividend of $7.35 per share, marking an 8% rise, supported by strong results and robust capital standing. The Group’s Swiss Solvency Test (SST) ratio is notably strong at 257% as of January 1st, 2025.
De Vaucleroy noted, “In 2024, Swiss Re bolstered its operational foundations while emphasizing disciplined underwriting and cost-effectiveness. Amidst the current elevated risk landscape, our enhanced resilience enables us to continue offering peak risk capacity and insights to our clients, while delivering shareholder value.”
Annual and Sustainability Reporting
Prior to the AGM, Swiss Re has released its Annual Report 2024 and Sustainability Report 2024, aligning with its capital management priorities. In compliance with the new Swiss Climate Ordinance, the reports include the Climate Transition Plan for the first time, detailing Swiss Re’s strategy to achieve net-zero greenhouse gas emissions by 2050 across the Group.
