Shake up at the top for Swiss Re

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Lippe is currently underwriting head and Gray, a Canadian, head of property and speciality underwriting.

The changes come into effect from September when Lippe takes over from Andreas Beerli, who is to retire next June.

Lippe, who has been at Swiss Re for 25 years, has been given credit for transforming Swiss Re's approach to underwriting in his current job. The company says Gray will ensure "continuity" to the approach.

He joined Swiss Re in 1985 and worked in a variety of underwriting and marketing roles in Toronto before moving to Zurich in 1994.

Beerli will remain a member of the executive committee.

Swiss Re is launching a new division in September specialising in reducing risk for pension schemes. It will initially target larger schemes in the UK with assets of around £500 million and plans to extend to Europe and the US.