$13.1 billion Swiss Re has elected Walter Kielholz, former Swiss Re CEO and current vice chairman, to serve as its new chairman. Kielholz will succeed Peter Forstmoser, who is resigning one year earlier than planned, on May 1.

Mathis Cabiallavetta, a member of Swiss Re’s board of directors, will assume Kielholz’s role as vice chairman at that time. In addition to serving as vice chairman at Swiss Re, Kielholz also was chairman at financial-services rival Credit Suisse since 2003, a post he has chosen to step down from in light of his new role. Vice Chairman Hans-Ulrich Doerig has been named his successor.

The election follows the resignation of Swiss Re CEO Jacques Aigrain in February, following huge net losses by the company in 2008 and a downgrade by rating agency Moody’s.

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