Zurich - Jacques Aigrain, the head of Swiss Re, the world's second largest re-insurer which suffered huge losses in 2008, has resigned his post, the company announced Thursday. He will be succeeded by current deputy CEO, Stefan Lippe.
Lippe, a German national, has been with Swiss Re for 25 years.
Earlier this month, the re-insurer said it had managed to raise capital, including a 3 billion-Swiss-franc (2.58 billion dollars)- investment from US financier Warren Buffet.
The group was considering taking another 2 billion from other investors.
The capital was needed in light of losses over 2008 reaching a whopping 1 billion francs, with the company now struggling to maintain its AA credit rating.