Swiss Re appoints new chair at ReAssure ahead of IPO

Swiss Re has appointed Archie Kane as the new non-executive chairman of the board of its UK-based closed book business ReAssure.

The reinsurer announced in August 2018 that it is exploring a potential initial public offering (IPO) of ReAssure in 2019, and appointed Mark Hodges as its new CEO. Earlier in Jan 2019, it was reported that insurer Rothesay Life is mulling making a £3.5 billion bid for ReAssure.

Swiss Re said the new chairman will be responsible for the communications with all stakeholders during the company's anticipated IPO, while providing leadership to the board of directors and advising management on strategy.

Kane is currently a non-executive director at Melrose Industries, which manufactures products across a range of industrial sectors including aerospace, automotive, air handling and power generation. Previously, he served as the Governor of the Bank of Ireland from 2012 - 2018. Kane has also worked at Lloyds Banking Group from 1986 until 2011, and was a group board member from 2000 - 2011.

"We would like to extend a warm welcome to Archie Kane as the new chairman of the board at ReAssure. He brings vast financial industry leadership experience along with in-depth understanding of best practices on corporate governance," said Swiss Re Life Capital CEO Thierry Léger. "I am confident that Archie Kane can provide ReAssure with strategic direction - especially during the important IPO process."

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