The rumours were true.
Zurich Insurance Group late Tuesday announced that Mario Greco has been appointed to the role of CEO effective May 1.
Greco, 56, is currently serving as CEO of Zurich's Italian rival
Generali, but rumours emerged early this year that his was the only name on the shortlist for the job. He actually served as chief of Zurich’s general insurance unit from 2010 to 2012 and was CEO of the global life business between 2008 and 2010.
Greco will take over the reins from Tom de Swaan, who has held the role on an ad interim basis since Martin Senn stepped down in December amid a management and business overhaul after falling profit in the general insurance unit prompted the company to drop a high profile bid for RSA Insurance Group. Zurich announced job cuts and plans to exit some businesses at the non-life insurance unit, which posted a $183 million operating loss in the third quarter. The Swiss company said that as a result of the adverse natural catastrophe experience and the high level of large current accident year claims, it now expects the General Insurance business to report a business operating loss of approximately US$100m for the fourth quarter of 2015.
Greco is being brought in to turn those fortunes around.
“[Greco's] intimate understanding of our company and our industry and his track record as a leader make him a unique candidate for the role,” said de Swaan.
