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Zurich Insurance unveils further restructuring

  • Publish Date: Posted almost 8 years ago

Mario Greco has revealed plans to implement more hierarchical efficiency measures at Zurich, hiring an old AIG executive to lead the merged corporate and commercial insurance division. Since taking over as chief executive earlier this year, Greco has restructured what he termed as Zurich’s “famously complicated” management structure. The latest measure involves bringing together Zurich’s “global corporate” businesses, which serve multinationals and commercial activities for smaller companies. The new division will be led by James Shea, who previously headed AIG’s global financial lines business in New York. Greco announced plans to combine life and non-life operations creating a regional management structure earlier in the year, he said this would streamline Zurich’s agility and customer focus. It is believed that Greco wants to outline his broader strategy by November. Last year Zurich Insurance was hit by large losses in its general insurance division, which forced it to abandon its planned takeover of the UK’s RSA insurer.