Swiss Re

SRENInsurance

Mentions

Podcasts

Episodes

Podcast consensus

Points of consensus

▶Both sources confirm Swiss Re's significant assets under management, with figures cited as 'over $100 billion' and specifically 'approximately $108 billion' for the internal fund managed by the CIO.Apr 2026

▶Multiple claims detail a conservative and disciplined investment strategy, emphasizing a primary allocation to fixed income (85%), private credit, and the use of pre-defined 'playbooks' to manage volatility.Apr 2026

▶Sources agree on Swiss Re's dominant market position, identifying it as one of the top three global reinsurers, the world's leading life and health reinsurer, and a pioneer in the insurance-linked securities (ILS) market.Apr 2026

▶The company's significant exposure and history with the US market is a consistent point, highlighted by past over-concentration in US liability within its Corporate Solutions unit and a recent, unexplained spike in US mortality claims.Apr 2026

Points of debate

▶A potential point of debate is the primary driver of natural catastrophe losses, with CEO Andreas Berger emphasizing population growth and asset accumulation in high-risk areas 'more so than climate change,' a nuanced stance that may contrast with more climate-centric industry narratives.Apr 2026

▶There is a tension between the investment portfolio's past performance and future outlook. While the portfolio experienced 'no defaults in 2022,' the company's planning has shifted from a 70% to a 40% probability baseline, reflecting a significant increase in perceived future uncertainty.Apr 2026

▶The fundamental insurability of high-risk areas is presented as a matter of 'affordability' that can be solved with loss prevention, a view that might be debated by those who see certain risks as becoming technically uninsurable regardless of price or mitigation.Apr 2026

▶The effectiveness of diversification is highlighted by the claim that Nat Cat risk returns jump from 8% to 40% at the group level, yet the company also reports specific, concentrated issues like the US mortality spike, suggesting diversification does not eliminate all geographically-specific shock events.Apr 2026

Key themes

▶Disciplined Investment Strategy Amidst UncertaintyApr 2026

Swiss Re manages over $100 billion with a conservative allocation, with 85% in fixed income and a focus on private credit. To combat volatility and increased market uncertainty, the firm uses pre-defined 'playbooks' for portfolio adjustments, reflecting a shift in its baseline planning scenario from 70% to just 40% probability.

The company's investment arm operates with a dual mandate: generate returns while maintaining a fortress-like balance sheet to pay claims, leading to a highly structured, risk-aware approach that prioritizes capital preservation over aggressive growth.

▶Market Leadership and Competitive DriveApr 2026

As one of the top three global reinsurers, Swiss Re holds a leading position in life and health reinsurance and pioneered the insurance-linked securities market. The company operates in specialized markets with few competitors and is driven by a current strategic goal to 'close the gap to number one' in its business lines.

Despite its established leadership, the company's explicit goal of catching its top competitor suggests an aggressive, rather than complacent, strategic posture focused on gaining market share.

▶An Economic View on Natural Catastrophe RiskApr 2026

The company's leadership views the rising cost of natural disasters as being driven more by socio-economic factors like population growth in high-risk areas than by climate change itself. This perspective is supported by a dedicated 50-person research team and a belief that every dollar spent on mitigation saves ten dollars in rebuilding costs.

By framing the Nat Cat problem as one of asset accumulation and affordability, Swiss Re positions itself as a partner in risk mitigation and prevention, rather than simply a capital provider after a disaster.

▶Persistent and Evolving US Market ChallengesApr 2026

The United States market presents unique and recurring challenges for Swiss Re. The company has previously addressed an over-concentration of its liability business in the US and recently observed an anomalous, unexplained spike in mortality claims among middle-aged Americans in Q3 2023.

The US market remains a critical but volatile component of Swiss Re's portfolio, with risks evolving from corporate liability concentration to unpredictable life and health trends, requiring constant vigilance.

Source episodes

Timeline

Founding of ILS Market

Swiss Re is identified as a 'founding pioneer' of the insurance-linked securities (ILS) market, which now has approximately $50 billion in notional value from the company.

Pre-CEO Berger Era

The company's Corporate Solutions unit suffered from a strategic flaw of over-concentration in the US liability market, which has since been addressed.

2022

The investment portfolio demonstrated resilience, experiencing zero defaults during the year.

Q3 2023

A significant and 'unexplained spike in mortality claims' was observed from the United States, specifically among middle-aged people, a trend not seen in other OECD countries.

Present

Reflecting increased global uncertainty, the company's investment planning has fundamentally shifted, reducing the probability of its baseline scenario from 70% in past years to 40% today.

Current Strategy

Under CEO Andreas Berger, the company's strategic mindset is to actively 'close the gap to number one' across its various business activities.

Suggested prompts

How does Swiss Re's stated view on the drivers of natural catastrophe losses (population growth vs. climate change) influence its underwriting and pricing models compared to peers? &nearr;What specific measures has the Corporate Solutions unit taken to de-risk from its previous over-concentration in the US liability market, and how is this reflected in its current portfolio? &nearr;Given the unexplained spike in US mortality claims in Q3 2023, what are the potential long-term implications for Swiss Re's leading Life & Health reinsurance business and its proprietary 'Lifeguide' underwriting tool? &nearr;How does Swiss Re's investment strategy, particularly its focus on private credit and use of pre-defined 'playbooks,' position it to navigate the increased uncertainty reflected in its shift to a 40% probability baseline scenario? &nearr;

Key concepts

Investment Portfolio Management 2 ep Natural Catastrophe Risk 1 ep Market Position & Competition 1 ep US Market Exposure 1 ep Life & Health Reinsurance 1 ep Risk Management & Modeling 2 ep Corporate Strategy 1 ep Insurance-Linked Securities (ILS) 1 ep Private Credit & Equity 1 ep

Notable quotes

“At Swiss Re, the capital return for natural catastrophe risk is 8% on a standalone basis but increases to 40% at the group level due to diversification benefits.”

Andreas Berger · Andreas Berger - CEO of Swiss Re | Podcast | In Good Company | Norges Bank Investment Management

“Andreas Berger, CEO of Swiss Re, believes that population growth and asset accumulation in high-risk areas is the primary driver of increasing natural catastrophe losses, more so than climate change.”

Andreas Berger · Andreas Berger - CEO of Swiss Re | Podcast | In Good Company | Norges Bank Investment Management

“Velina Peneva is the Group Chief Investment Officer for the insurance company Swiss Re, where she manages an internal fund of approximately $108 billion.”

Barry Ritholtz · Swiss Re's Velina Peneva on the Business of Reinsurance | Masters in Business

“Swiss Re's Corporate Solutions unit previously suffered from over-concentration in the US liability market, with over 50% of its total business and 90% of its liability business located in the United States.”

Andreas Berger · Andreas Berger - CEO of Swiss Re | Podcast | In Good Company | Norges Bank Investment Management

Report last updated: Apr 20, 2026

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