New chairman seals shake-up at Swiss Re

The revolution in Swiss finance continued today when Walter Kielholz was appointed chairman of insurance giant Swiss Re to replace Peter Forstmoser.

Kielholz quit as chairman of investment bank Credit Suisse to take up the role which completed the shake-up at the top of Swiss Re.

It came weeks after Swiss Re chief executive Jacques Aigrain was ousted after his push for aggressive growth ended in record losses and forced the reinsurer to tap investors for funds. He was replaced by his deputy, Stefan Lippe. Swiss Re, which occupies the City's Gherkin, admitted last month it lost Swfr1 billion (£610 million) last year and turned to US billionaire Warren Buffett for funds.

Kielholz said: "Even though the current results are disappointing, the core business is intact and its prospects are excellent."

He was replaced at Credit Suisse by his deputy Hans-Ulrich Doerig.

Former Financial Services Authority chief John Tiner was also put up for election to the Credit Suisse board.