SWEDEN – Swedish savings company Skandia has named Hans-Erik Andersson, Marsh & McLennan Companies’ Nordic chief, as its new chief executive, taking over from Leif Victorin.

“Hans-Erik Andersson has been named President and CEO of Skandia,” Skandia said in a statement. Andersson, 53, is currently Nordic region chairman for insurance firm Marsh &
McLennan Companies. Marsh is the parent company of consulting firm Mercer and troubled asset management company Putnam Investments.

He will be temporarily replaced by Bill Malloy, president and chief executive of Marsh's European operations.

Andersson joined Marsh in 1999 with the role of working with Mercer and Marsh subsidiaries in the region “to coordinate business development and enhance service to clients”. Andersson worked for Skandia from 1987 to 1999 and will assume office on January 1 2004.

Skandia recently named former Riksbank governor Urban Backstrom as the head of life insurance unit Skandia Liv.

"Hans-Erik Andersson knows the industry and is well versed in the markets and conditions in the Nordic region, the UK and Continental Europe,” said Skandia's chairman Bengt Braun.

"Like many other life and unit linked assurance companies, Skandia has gone through a difficult period in which the market situation has forced it to implement short-term adaptations as well as long-term changes in its product structure and business strategies,” Andersson said.

"Skandia works in a market with underlying growth and has both the expertise and the products needed for success. I have no doubts that we can offer our customers the best solutions and build a profitable operation for Skandia's shareholders.

He said there was “a strong, sound core, an optimistic view of the future, and an inherent development power at Skandia”. Skandia has been hit by a property scandal and allegations of excessive management bonuses.

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