("Swiss Re Names Industry Veteran To Top Americas Role,"
published at 11:48 a.m. EDT on Wednesday, incorrectly stated the
ticker symbol and full company name for Swiss Re AG. The correct
version follows.)
Swiss Re AG (SREN.VX) named insurance industry veteran J Eric
Smith as president and chief executive of its Americas
operation.
He will be responsible for the company's property and casualty
and life and health reinsurance operations in the U.S., Canada,
Latin America and the Caribbean.
Smith was formerly president of USAA Life Insurance Co. Prior to
USAA, he was president of Allstate Corp.'s (ALL) financial services
arm. He has also worked with Country Financial, in its property and
casualty group.
He replaces Pierre Ozendo in the top Americas role, who joined
Swiss Re in 1995 and also served a stint as leader of the insurer's
Asian operations.
The Zurich-based reinsurer last month joined a growing list of
reinsurers being hit by hefty claims from recent natural
catastrophes, with those costs, fewer gains from investments and
lower premium revenue pushing it to a net loss for the first
quarter.
Reinsurance companies act as insurers of last resort for primary
insurers, typically stepping in to cover losses from large events
like earthquakes, floods or man-made disasters.
-By Mia Lamar, Dow Jones Newswires; 212-416-3207;
mia.lamar@dowjones.com