Eight days after Swiss Re announced it had sustained an $860 million loss last year thanks in part to poor credit default swaps, and would need a $2.6 billion capital infusion from Berkshire Hathaway to preserve its "double-A" rating, the company named a new chief executive officer to implement its recovery strategy.
The Zurich, Switzerland-based reinsurance giant last week replaced CEO Jacques Aigrain with Deputy CEO and Chief Operating Officer Stefan Lippe.
Mr. Aigrain, who joined Swiss Re in 2001, was appointed CEO on Jan. 1, 2006. The company said he would support the transition to Mr. Lippe through Feb. 18.
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