Zurich restructures UK life business
by Gill Montia
Story link: Zurich restructures UK life business
Zurich is restructuring its UK life business which will in future be focused around three core areas: corporate, retail and in-force.
The move is designed to meet the demands of a changing marketplace and position the company for future growth.
“Corporate”, which comprises Zurich’s corporate savings and corporate risk business units, will be led by Simon Foster who is currently head of corporate savings.
“Retail” covers Zurich’s intermediated retail proposition, including its life, pensions and investment proposition and its retail platform.
Zurich UK Life’s chief executive officer, Gary Shaughnessy, will take up the post of interim head of retail until a permanent appointed is made.
“In-force” incorporates the insurer’s existing propositions and products designed for the market pre-Retail Distribution Review (RDR), and Alastair Beveridge will be continuing in his current role as head of in-force management.
Commenting on the restructure, Mr Shaughnessy says: ” By-re-shaping our business, we are ensuring that we are well placed to drive strong and profitable growth across the company whilst at the same time delivering for our customers and our people in a post RDR world.”
Other senior management changes resulting from the restructure include the introduction of a head of propositions role, which will be assumed by Peter Hamilton (currently head of protection proposition) until a permanent appointment is made.
Zurich has also announced that after nine years with UK Life, David Etherington has decided to leave the company and will be stepping down from his role as chief growth officer at the end of the month, after which the role will not be retained.
The new structure will take effect from 31st July 2012.