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Swiss Re leaves Russian market

6 May 2009

Since May, 12th, one of the world’s largest reinsurance companies Swiss Re closes the Moscow office,¬ which was engaged in operations of life and health reinsurance. Head office managers prove, that this decision is connected not with crisis, but with desire to simplify organizational structure of the company all over the world.
Swiss Re informs that it is going «to concentrate resources of support in the largest offices and to consolidate specific functions in the global centers of group service».
Thus Swiss Re underlines, that this organizational change does not concern the reinsurance agreements, signed with Swiss Re in Moscow. The director of Moscow office Swiss Re Miroslav Kovalski has refused to give comments, having confirmed only, that the office will be closed since May, 12th.
In the beginning of April it became known, that Swiss Re is going to cut more than thousand workplaces and in the context of the program of reduction of expenses for 400 million Swiss francs (351 million dollars) by the end of 2010 since May, 1st, it appointed Agostino Galvagni as a new Chief Operating Officer. The next year 10 % from more than 11 thousand employees of the company will be dismissed. Experts also prove that the company will not manage to return profitableness, as long-term assets on its balance make almost $50 billion.

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