News

Succession Planning
17
Dec

Swiss Re continues exploration of ReAssure IPO

As part of the preparation towards a potential initial public offering (IPO) of ReAssure, Swiss Re announces Mark Hodges, currently Chief Executive Officer of Centrica Consumer division, as new CEO of ReAssure from 1 March 2019. The new CEO will steer the ReAssure business through the anticipated IPO in 2019 and will lead its next phase of expansion as an independent listed closed book consolidator.
Mark Hodges joins ReAssure with a deep understanding of the UK consumer market and a strong track record in improving business performance. He brings more than two decades of experience in leadership roles at major UK insurance companies. At Centrica, Mark Hodges drove significant changes focused on improving service to customers and reducing cost. Prior to joining Centrica, Mark Hodges was the Group CEO at specialist insurance broker Towergate Partnership. Earlier, Mark Hodges spent over 20 years with Aviva, was a member of the Aviva board from 2009-2011, served as CEO of Aviva UK from 2010-2011 and was CEO of Aviva UK Life from 2005-2009. While at Aviva, he was instrumental in growing the business and dealing with complex legacy issues.
Swiss Re Life Capital CEO Thierry Léger, says: “We are very pleased to have Mark Hodges as the new CEO for ReAssure. He combines strong leadership skills with deep industry knowledge. I am confident that he is the right person to lead ReAssure through the next stage of its development into an even more successful future.”
Swiss Re announced in August that it would explore a potential initial public offering (IPO) of its UK closed book business ReAssure in 2019. Given the size of potential opportunities that are expected to arise in the market in the mid-term, it is important for ReAssure to have access to substantial new capital to acquire additional closed books.