Swiss Re equity is worst performer in SXIP index (SREN SW) but credit holding relatively steady.

• Swiss Re’s CEO announced his exit this morning, to be replaced by the head of Corporate Solutions. This was an unexpected transition but the reporting around it indicates, firstly, 8 years is a long time to be a CEO and, secondly, that the outgoing CEO had done a good job and completed quite a drastic restructuring.

• The recent results were solid (far better than Swiss Re’s history in many ways) and the January renewals data looks encouraging for future earnings. As such, it’s positive to see the credit holding steady but we continue to note SRENVX’s credit has been a meaningful underperformer YTD.