Mr. Léger has been leading the life capital business unit, which combines Swiss Re’s ReAssure, elipsLife and iptiQ businesses, since its creation in January 2016. He joined Swiss Re in 1997 as an engineering underwriter in property/casualty.

Mr. Schmid, who has been group chief underwriting officer and a member of the group executive committee since July 2017, has decided to step down from the committee for personal reasons and take on an advisory role, the statement said.

Swiss Re also said in the statement that its Life Capital Business Unit will be disbanded following the expected completion of the sale of ReAssure to Phoenix Group Holdings PLC in this year’s third quarter.

The elipsLife unit, which provides life and health insurance solutions and services for corporate clients, will move to Corporate Solutions at the end of September, subject to applicable regulatory approvals. The iptiQ business, Swiss Re’s white-labelling digital insurance platform, will become a standalone division reporting to the group CEO, effective Jan. 1, 2021.

Swiss Re said it “continues to assess the further streamlining of the legal entity structure of the Group.”