SSREY Swiss Re Ltd (PK)

By Simon Clark 

Sergio Ermotti will become chairman of Swiss Re, one of the world's biggest insurers, after he steps down as chief executive of UBS Group AG later this year.

Mr. Ermotti is joining the board of Swiss Re in April and will succeed Walter Kielholz as chairman next year, the Zurich-based insurer said in a statement.

The Swiss banker is stepping down from UBS after nine years as chief, during which he scaled back the investment banking unit and repositioned Switzerland's largest lender by assets as a global wealth manager serving billionaires and entrepreneurs. He was previously an executive at Italian lender UniCredit SpA and started his finance career at Merrill Lynch in 1987. UBS's shares have gained about 14% since he started in the job, a better performance than many European rivals as weak economic growth and low interest rates weighed on the region's lenders.

"Sergio Ermotti's wealth of experience and an impressive leadership track record will be important assets for Swiss Re," Mr. Kielholz said in the statement.

The banker will succeed an experienced insurance executive. Mr. Kielholz joined Swiss Re in 1989 and was chief executive between 1997 and 2002 before becoming chairman in 2009, helping to steer the company through the global financial crisis. In 2018, Swiss Re held inconclusive talks with SoftBank Group Corp., which explored buying a significant stake in the insurer.

UBS said last month that Mr. Ermotti will be succeeded by ING Groep NV chief Ralph Hamers in November. Other European banks currently seeking to replace CEOs include London-based HSBC Holdings PLC and Société Générale SA in Paris.

Write to Simon Clark at simon.clark@wsj.com

(END) Dow Jones Newswires

March 03, 2020 08:00 ET (13:00 GMT)

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