Swiss Re seeks new share buy-back programme; elects three new directors

Swiss Re plans to increase its regular dividend and authorise a new public share buy-back programme of up to Sfr1 billion ($1 billion) at its Annual General Meeting of shareholders set for April 20, 2018.

It intends to propose a higher regular dividend of Sfr5.00 per share. It terms of the buy-back programme, it said that this is consistent with its objective of returning capital to shareholders when excess capital is available and other business opportunities do not meet profitability requirements.

This one is slightly different in that the decision will be entirely at the discretion of the board of directors after the AGM’s approval with no other pre-conditions to the commencement of the proposed public share buy-back programme.

The company will also be making some changes to its board of directors. Rajna Gibson Brandon, Mary Francis and C. Robert Henrikson will not stand for re-election at the upcoming AGM. They will be replaced by, if elected, Karen Gavan, Eileen Rominger and Larry Zimpleman.

Gavan has more than 35 years of experience in senior finance and leadership functions across life, as well as property and casualty insurance companies. She has held senior positions at companies including Prudential Insurance, Imperial Life and Transamerica Life Canada/AEGON Canada where Gavan worked as CFO and then COO.

Rominger is an investment professional who has worked at companies including Oppenheimer Capital and Goldman Sachs Asset Management. She also served as the director of the Division of Investment Management at the United States Securities and Exchange Commission, where she was instrumental in formulating and implementing regulatory policy for mutual funds and federally registered investment advisors.

Zimpleman has enjoyed a long career at the The Principal Financial Group, an investment management company that offers insurance solutions, asset management and retirement services to individual and institutional clients. He held various senior management and leadership positions and became CEO in 2008 and chairman in 2009. In August 2015, he stepped down as full-time employee.

Walter Kielholz, Swiss Re’s chairman, has given an upbeat statement on the performance of Swiss Re in what has been a turbulent 12 months.

“2017 was a turbulent year in which insurers and reinsurers faced large claims from major natural catastrophes. After all, this is our business and the reason why we are here. I am pleased that Swiss Re could prove its value in 2017 by supporting those affected with estimated insurance claims of $4.7 billion while keeping its strong capital position.

“As the outlook for 2018 is expected to improve, I remain optimistic and confident that Swiss Re will continue its success story – building on our resources, financial latitude, global network and our employees’ wealth of knowledge and expertise.”

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