The winds of change are sweeping through Zurich Insurance following a series of announcements that will reshape its business.
Yesterday it was announced that the company’s managing director of personal lines in the UK, Patrick Cohen, would step down after less than a year in the role for what the firm has described as “family reasons” – and today (Friday, June 10) the company has announced a series of shake-ups as new chief executive officer Mario Greco puts his stamp on the firm just three months after his appointment.
The first stage of the shake-up will see a number of transitions among senior management. Kristof Terryn will take on the role of chief operating officer having previously worked as Zurich’s head of general insurance business. In addition, global life CEO Gary Shaughnessy will take up the position of CEO for Europe, the Middle East and Africa; while chief operations and technology officer Robert Dickie will move on from the company.
Speaking in a company statement, Mario Greco outlined that “this new organisation and strong accountability, empowerment and outcome orientation will be the foundation for our future strategy.”
In addition, the company has revealed plans to combine its life and non-life businesses and move to a new regional structure.
In the statement, Greco noted that: “the simplified structure will also allow us to become more efficient and support the implementation of our communicated cost reduction programme.”
Greco, who joined the firm from Italian insurer
Generali, announced that the new structure would support the pre-announced cost cutting programme. The Swiss insurer is in the middle of a $1 billion-plus cost savings drive that is set to affect around 8,000 jobs before the end of 2018.
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