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Swiss Re to cut workforce by 10%

Swiss Re is to cut its workforce by 10 per cent in a bid to strengthen its capital position.

The Swiss renisurer plans to reduce its global team from 11,560 to 10,404, with a hope of saving the firm £239m.

A statement released by Swiss Re said: “The company will continue to explore opportunities to free up capital in order to deploy it to the most profitable business segments. At the same time, Swiss Re will concentrate on conservatively managing the assets generated through insurance/reinsurance activities and continue de-risking the investment portfolio.”

Swiss Re plans to now further consolidate support resources into fewer locations in order to achieve economies of scale.

The news comes after the reinsurer appointed Agostino Galvagni as chief operating officer and member of the executive committee.

Swiss Re chief executive officer Stefan Lippe says: “Business focus and delivery of results have always been the hallmark of Agostino Galvagni, and we are delighted that he will strengthen our leadership team.”

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