Sergio P. Ermotti has stepped down as Swiss re chairman after AGM and agreed to confirm his availability for re-election at the upcoming Swiss Re AGM on April 12.

The Swiss Re Board has nominated Jacques de Vaucleroy as the new Vice Chairman and Lead Independent Director subject to his re-election as Board member by shareholders, effective post AGM.

In the interim, Jacques de Vaucleroy will chair the Board of Directors until a new chairperson has been elected by an Extraordinary Meeting of Shareholders.

FINMA, the Swiss Financial Market Supervisory Authority, supports this process.

Swiss Re's Chairman Sergio P. Ermotti said: "In response to these extraordinary circumstances, we will ensure the highest standards of good governance as well as stability and continuity in managing this transition. I am convinced the proceedings now proposed are in the best interest of our shareholders and I am confident that the transition under the leadership of Jacques de Vaucleroy will be well managed. Swiss Re has very clear strategic goals and is well positioned to deliver on all its targets."