GLOBAL - Troubled insurer Swiss Re has nominated former chief executive Walter Kielholz as its new chairman, replacing Peter Forstmoser.
He said: "In view of the major challenges confronting us, I have decided to concentrate fully on the Swiss Re chairmanship and to relinquish this role at Credit Suisse on the date of this company's Annual General Meeting."
He also said: "As chairman of the board of directors, Peter Forstmoser led the company through the difficult period following the tragic events of 11 September 2001. In this difficult environment, the important task of raising the capital necessary to acquire Lincoln Re was completed successfully."
The nomination comes amid a number of changes to the Credit Suisse board.
The proposed new chairman will be current Vice Chairman Hans-Ulrich Doerig, while Urs Rohner, currently chief operating officer and general counsel of Credit Suisse, will be proposed as full-time vice chairman.
Last February, Global Pensions learnt Swiss Re was shutting down its variable annuities and pensions business in a bid to scale back retirement-related activities (www.globalpensions.com: 26/02/09).
At the time it confirmed all 18 posts making up the team were at risk of redundancy and that it was undertaking the appropriate consultations with the permanent staff concerned.
A number of pension schemes have been prompted to lock in gains with a move into bonds after the estimated deficit across FTSE 100 DB pension schemes improved by £36bn, over the 12 months ending 30 June last year, JLT Employment Benefits found.
HM Treasury has agreed in principle to give NEST a £329m contingent liability guarantee in the event of the master trust's wind up or closure.
AMP Capital has set up a dedicated team to help institutional investors, including pension funds, invest in infrastructure through direct equity allocations.