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Financials

Swiss Re to disband Life Capital, names new underwriting boss

ZURICH, June 19 (Reuters) - Swiss Re will disband its Life Capital business unit after wrapping up the sale of its British ReAssure business later this year, the reinsurer said on Friday, adding the unit’s head, Thierry Leger, will become its new chief underwriting officer.

Leger on Sept. 1 will replace Edi Schmid, who Swiss Re said would be stepping down for personal reasons and taking on an advisory role. Phoenix Group Holdings bought Swiss Re’s ReAssure business for about $4.1 billion late last year, and the deal is expected to be completed in the third quarter of 2020.

Reporting by Brenna Hughes Neghaiwi, editing by John Miller

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