Geneva  - Swiss Reinsurance Co, the world's second larger re-insurer, announced Thursday it would cut by 10 per cent its current global headcount of 11,560 employees over the next 12 months.

The company also named Agostino Galvagni as Chief Operating Officer and Member of the Executive Committee, starting the beginning of next month

Swiss Re said cost-cutting measures, including the layoffs, would lead to reductions of running costs of 400 million Swiss francs (350 million dollars) by the end of 2010.

The re-insurer also said in a statement it would focus its efforts on its core business, conservatively manage the assets from profits and continue to remove risk from its investment portfolio.

Swiss Re announced net losses in 2008 of 864 million francs and incurred 5.9 billion francs in writedowns on assets, following the financial crisis.

The downturn sent the re-insurer, to seek capital from Warren Buffet's Berkshire Hathaway, selling it convertible bonds worth 3 billion francs. The Swiss company shook up its senior management in recent months. (dpa)