Zurich appointments signal GI restructure
by Gill Montia
Story link: Zurich appointments signal GI restructure
Zurich Financial Services has announced a number of key appointments within its general insurance (GI) business.
The firm says the changes are related to an ongoing review of its GI business, which form part of a daunting-sounding initiative to “clarify accountability, focus on responsibility and reduce complexity”, group-wide.
Further information on the new GI structure and strategy will be released on 2nd December but in the meantime, the following executives are heading the group’s six GI businesses, mostly with immediate effect:
Chief executive officer, Global Corporate, Mario Vitale; chief executive officer, North America Commercial, Mike Foley; chief executive officer Europe, Patrick Manley (effective 1st January 2011); chief executive officer, Latin America, Peter Rebrin; chief executive officer, Asia-Pacific, Johnny Chen; chief executive officer, Middle East & Africa, Saad Mered.
All will report to Mario Greco, chief executive officer, General Insurance and some appointments are subject to regulatory approval.
Earlier this month, Zurich agreed to acquire 99.98% of Compagnie Libanaise D’Assurances, a privately-owned Lebanese insurer with branch operations in the United Arab Emirates (UAE), Kuwait and Oman.
The acquisition will leave the insurer in a position to offer its full product range to customers and distribution partners in new markets and Saad Mered, the then chief executive officer Middle East, described the move as a “milestone”.