Swiss Re has named Archie Kane as the new non-executive chairman of the Board of Directors of its UK-based closed book business ReAssure, effective immediately.

Kane will be responsible for providing leadership to the firm’s board of directors, as well as advising management on strategy and to see that communications with stakeholders are conducted in both an effective and timely manner during ReAssure’s expected initial public offering (IPO) in 2019.

Kane is currently non-executive director at Melrose Industries PLC, and has previously served as Governor of the Bank of Ireland from 2012-2018. He also worked at Lloyd’s Banking Group from 1986-2011.

Thierry Léger, CEO of Swiss Re Life Capital, commented: “We would like to extend a warm welcome to Archie Kane as the new chairman of the Board at ReAssure. He brings vast financial industry leadership experience along with in-depth understanding of best practices on corporate governance. I am confident that Archie Kane can provide ReAssure with strategic direction – especially during the important IPO process.”

Swiss Re announced in August 2018 that it is exploring a potential IPO of ReAssure in 2019. In December 2018, the company appointed Mark Hodges as the new CEO of ReAssure PLC.