Swiss Re has announced David Cole is stepping down from his position as group CFO, naming group chief strategy officer John Dacey as his successor.

The reinsurer explained that Cole was relinquishing his role to pursue a non-executive career, including remaining a board member of a number of Swiss Re subsidiaries.

Dacey, who will take up his new role effective 1 April 2018, joined Swiss Re's group executive committee five years ago as group chief strategy officer, successfully leading multiple strategic initiatives across the Group.

He has over 20 years’ experience within the (re)insurance industry, during which time he has assumed several senior executive positions.

From 2007 to 2012, Dacey served as AXA's group regional CEO and group vice chairman for Asia-Pacific and was a member of their group executive committee. Before this he was a member of the group executive board at Winterthur Insurance, first as its CFO from 2000 to 2004 and subsequently as the company's chief strategy officer from 2005 to 2007 and member of its risk and investment committees.

Commenting on the news, Swiss Re chairman Walter Kielholz said: "We are grateful for David's leadership and outstanding contribution to Swiss Re over seven years. As Group Chief Financial Officer, he has transformed our fnance division into an efficient allocator of capital across the Group. While we will miss having him in our group executive committee, we are delighted that he will stay involved with Swiss Re and that we will continue to benefit from his experience."

Kielholz continued: "John Dacey, who has a very strong track record both within and outside Swiss Re, is the ideal candidate to pick up on the momentum created by David Cole and lead our finance division forward. He has been instrumental in shaping Swiss Re's strategic framework and launching the Swiss Re Institute – both of which strongly position Swiss Re as the leading risk knowledge company."

With these changes, Swiss Re’s board of directors has decided to merge the positions of group CFO and group chief strategy officer. As of 1 April 2018, Swiss Re's group executive committee will consist of 12 members.