The head of financial services at Swiss Re is to step down after eight years at the company, in order to set up his own investment fund.
Until his departure from the company, John Fitzpatrick, who is also a member of Swiss Re’s Executive Committee, says he will dedicate his time to establishing an investment fund in the insurance, securitisation and financial services sector.
Swiss Re says it plans to become a significant investor in Fitzpatrick’s new fund after his decision to step down from his posts and to leave the company was announced on Friday.
Fitzpatrick joined Swiss Re in mid-1998 as chief financial officer, and in 2003, he took over as head of life & health. In this role he oversaw Swiss Re’s developments in the field of securitising life insurance risks.
Then in 2005, he became head of financial services, with the strategy to further develop insurance-risk securitisation, overseeing Swiss Re issuing CHF1.9bn of insurance-linked securities from its own balance sheet.
The company has stated until a successor for the post is named, Jacques Aigrain, chief executive of Swiss Re, will assume interim responsibility for the financial services division.
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