(CNN) -- Insurance giant Swiss Re announced plans Thursday to cut its global workforce by 10 percent.
The company also said in a statement that it will appoint Agostino Galvagni as Chief Operating Officer, effective from May 1.
At present the company has a global workforce of 11, 560, indicating layoffs in the region of 1,200 by the end of 2010.
In a statement released Thursday, the company said it would " accelerate efforts to simplify the organization and improve operational effectiveness.
"As previously announced, this will lead to running cost reductions of CHF 400 million ($350 million) by the end of 2010."
The company said that Galvagni had been appointed to "accelerate efforts to simplify the organization and improve operational effectiveness."
Galvagni, currently Swiss Re's Head of Insurance & Specialty in Client Markets, joined Swiss Re New Markets in 1998.
Swiss Re, which has offices in more than 20 countries, is rated "A+" by Standard & Poor's, "A1" by Moody's and "A" by A.M. Best.
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