A LOOK AT SWISS RE’S PERFORMANCE NET INCOME
COMBINED RATIO
500 1000 1500 2000 2500 3000 3500
-1000 -500 0
20% 40% 60% 80% 100% 120%
0 2007 FY 2008 FY 2009 FY 2010 FY
YTD Q2 2011
2007 2008 FY FY
FY 2009
2010 FY
YTD Q2 2011
GROSS & NET PREMIUM WRITTEN
5000 10000 15000 20000 25000 30000
0 2007 FY 2008 FY 2009 FY Gross premium 2010 FY
YTD Q2 2011
Net premium
MEET STEFAN LIPPE Stefan Lippe became chief executive of Swiss Re in February
2009. A German citizen born in 1955, he graduated in mathematics with business administration from the University of Mannheim. He obtained his doctorate in 1982 while working as a scientific assistant to the chair of insurance business management, being awarded the Kurt Hamann Foundation Prize for his thesis.
In October 1983, he joined Bavarian Re as a team member of
a business analysis project. From 1985, he was involved in the casualty department’s operations in the German-speaking area. In 1986, he became head of the non-proportional underwriting department.
He was appointed deputy member of the board of management
casualty business, he is far more negative and very cautious. “Rates on US casualty business in particular are problematic for us. It is important on long-tail lines to get your pricing right and we think many deals are way off. We prefer to stick to property more these days. We will only do casualty where we are comfortable or a client absolutely needs us to.”
It seems that while Lippe has secured himself the right to pursue long-term goals and look to change the company’s culture towards one of innovation and agility, much of the turnaround he cites as being his greatest achievement, so far, has in fact been built on discipline—in underwriting first and foremost, but also many other respects.
“My main message now is that the turnaround is complete and we are
in fantastic shape heading into a market that will turn in the next six to 18 months,” he says. “Our powder is dry and we have refrained from share buy-backs to invest in the business. We are doing that and continue to explore innovative ways to ensure we remain stable and secure, but also ahead of the game.”
16 | INTELLIGENT INSURER | September 2011
in 1988 and a full member in 1991, when he assumed general responsibility for the company’s operations in the German- speaking area. In 1993, he became chairman of the board of management of Bavarian Re.
Stefan Lippe was appointed a member of Swiss Re’s executive
board in 1995, as head of the Bavarian Re group. In 2001, he became head of the property & casualty business group and was appointed a member of the executive committee.
From 2005, Stefan Lippe led Swiss Re’s property & casualty
and life & health underwriting activities. In September 2008, he assumed the roles of chief operating officer and deputy chief executive officer. He was appointed chief executive officer with effect from February 2009.
$ millions
$ millions
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72