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1996
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Walter B. Kielholz takes over the position of Chief Executive Officer from Lukas Mühlemann with effect from 1 January 1997. Kielholz is also elected to the Board of Directors during the course of the year.
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In December 1996 Swiss Re acquires Mercantile & General Re Group with head office in London (1300 employees, 27 branches world-wide), thereby continuing to implement its strategic objectives of expansion in the Life and Health sector. This move makes Swiss Re world leader in this attractive market and reinforces the company's presence in North America. The Life sectors are combined to form Swiss Re Life & Health with head office in London.
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On 1 January 1996 the American, Heidi Hutter, becomes the first female member of the Swiss Re Executive Board. This reflects the company's increasing internationalisation. Heidi Hutter is head of the North America Division until the end of 1999.
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1997
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The increasingly international, global nature of the company's business creates the need for comprehensive risk financing solutions for large losses and catastrophes, also covering the new area of financial risks. The ART (Alternative Risk Transfer Markets) Division established in 1995, offering financial services and risk counselling to insurance companies, appears under the new name of Swiss Re New Markets from mid 1997. Services are also extended to include comprehensive balance sheet management, inter alia. The Division moves into premises in Gotthardstrasse 43.
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After becoming heavily involved with Unione Italiana di Riassicurazione in 1996, Swiss Re Group concludes a 100% takeover of the company by the end of 1997. The company is christened Swiss Re Italia following its integration the Group.
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Dolly was the first mammal cloned from a cell from an adult animal. Dolly's birth thus represents an ethical and scientific watershed. Around the world, advisory committees and legislators are frantically trying to decide whether and when it might be ethical to duplicate the feat in humans.
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1998
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In mid 1998 Swiss Re shifts to a divisional organisational structure. Structuring the company according to regional markets leads to the creation of the following new divisions: Latin America, Asia, Europe and Reinsurance & Risk.
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In an attempt to continue its policy of focussing on reinsurance and the management of capital and risk, Swiss Re negotiates several large acquisitions in 1998: market expansion in the Credit insurance sector allows Swiss Re to acquire a majority stake (90%) in the Dutch company NCM Holding. With the takeover of the Mexican reinsurer Reaseguros Alianza S.A. and the American Life Re Corporation Swiss Re reinforces its market position both in Latin America and in the North American Life sector. It also opens a new line of business known as Administrative Reinsurance. The Group Company Audatex Holding AG is sold.
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In 1998 Union Re Zurich, and Swiss Re merge. Swiss Re had already acquired a majority holding in this company from Union Bank of Switzerland, Swiss National Insurance Company and Zurich Insurance Company in 1988. Union Re's Europe and Asia-Pacific non-life business units are integrated into Swiss Re's newly established Europe and Asia Divisions. The name 'Union Re' – well known in Europe and the Pacific region – ceases to exist.
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The Capital Partners Division is founded in 1998. The founding of this new division signals Swiss Re's increasing involvement in company holdings. In assuming responsibility for the holdings of investment company Securitas Capital and Fox-Pitt, Kelton investment bank, Swiss Re Capital Partners reinforces its core reinsurance business by expanding its investment know-how. This is indicative of a general trend towards increased focus on banking activities and asset management.
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'Tüfihaus' in Sood-Quartier, Adliswil (Zurich) is opened in March 1998. This administration building houses 350 employees and represents the growing strategic importance of Adliswil in the service sector. Construction is severely delayed due to protracted efforts to clean up residual pollution from the site of the 19th century spinning mill.
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1999
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From the beginning of 1999 'Schweizer Rück' is marketed under the new global name, 'Swiss Re'
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On 21 March 1999 a bright silver balloon comes down from the sky and landes on a desolate desert in Mauritania. The landing is an occasion for celebration: it is the successful attempt of Bertrand Piccard, a psychiatrist from Lausanne, Switzerland, and Brian Jones, a British hot air balloon instructor, to circumnavigate the globe.
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Inauguration of the new North America Division headquarters in Armonk in June 1999. The spacious premises designed by Swiss architect Dölf Schneebeli are located approximately 50 kilometres outside New York and provide space for Life, Non-Life and holding companies.
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On 12 October 1999, the United Nations Population Fund estimate the world's population reached six billion, celebrating the occasion as the 'Day of 6 Billion'. At 00.02 am, a male baby born in Bosnia is symbolically designated the world's six billionth person by U.N. Secretary-General Kofi Annan.
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Swiss Re takes over London-based Fox-Pitt, Kelton Group in spring of 1999. The acquisition of this investment bank specialising in the financial services sector reinforces Swiss Re's ability to offer its customers comprehensive, tailor-made financial and reinsurance solutions.
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Swiss Re enters the age of e-business in order to exploit the considerable potential of Internet-based solutions. The strategy focuses on risk placement and the creation of tailor-made renewal systems. In addition Swiss Re launches an e-business platform for clients wishing to gain direct access to company know-how.
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Three maybe four times in recent history, a new technology has been introduced that has fundamentally transformed human society by changing the way people communicate with each other. One of this is e-mail, which get popular at the end of the millenium.
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The end of December 1999 sees the most severe storms in Europe since 1990. On 26 December 1999 Lothar tores through northern France, southern Germany and Switzerland. The next day Martin also tramples through, this time further south, across central and southern France, northern Spain, Corsica and northern Italy. The winterstorms Lothar and Martin are going to be the costliest in France’s history.
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2000
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As per 1 July, Peter Forstmoser takes over the position of Chairman of the Board of Directors from Ulrich Bremi.
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An Air France Concorde plane enroute to New York crashed in Gonesse, France, shortly after takeoff on 25 July 2000, killing all 109 passengers and all crew members and four people on the ground. It is the first crash in the supersonic jet's nearly 30-year history. One year after the crash the planes fly again.
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Rüschlikon, Swiss Re’s centre for global dialogue, opens in November 2000. This ideally located communications site serves as a centre for discussing research and risk strategies with partners from the fields of science and research. The building is situated on the site of the former Villa Bodmer, which was acquired by Swiss Re in 1994 and carefully integrated into the new building.
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The 'I Love You virus' is possibly the most destructive virus in terms of monetary loss. The initial damage of down time and repair costs is estimated at over USD 10 billion. It is estimated that over 45 million people in 20 countries had their computers infected. The virus had been captioned the 'love virus' because it was sent to unsuspecting individuals as regular e-mail.
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The acquisition of Unterwriters Re Group in Calabasas, California, in the second quarter of 2000 secures Swiss Re's leading position in the US Non-Life sector. The broker has continued to operate under the name Swiss Re Underwriters Agency Inc. since the beginning of 2001.
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Researchers in the US, the UK, and several other countries, publish the first draft of all the genetic material that makes us human. The Human Genome Project could eventually help scientists prevent a host of genetic diseases.
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