Zurich announces restructuring, appoints new COO

Response to industry changes and Zurich finding itself at a "turning point"

Zurich Insurance Group has announced that it will reshape the company to a simpler structure and add a Chief Operating Officer. As well, Chief Operations and Technology Officer Robert Dickie will be stepping down.

“This new organization will be more agile and more accountable, with a clearer line of sight between the top of the company and the people looking after our customers,” said Group Chief Executive Officer Mario Greco in the formal announcement.

The company said the reshaping was a response to changes in the industry and the “turning point at which Zurich finds itself.” About a month ago, Greco told the Reuters news service that the company’s biggest problem was its weakened reputation, which it needed to restore.

The new structure aims in part to strengthen customer relationships in different countries. Zurich will appoint heads of different international regions (North America, Europe, Middle East and Africa, Latin America and Asia Pacific) who will report to Greco. Heads of Global Corporate, and Farmers and Investment Management will also be managed by Greco.

The executive committee will also include a new COO. Kristof Terryn will be responsible for operations and technology as well as underwriting, claims, reinsurance, actuarial and pricing. Terryn is also tasked with creating an environment with “a unified sense of purpose and responsibility for technical excellence, efficiency and business transformation across all the business.”

As of July 1, the executive committee will include Greco as CEO, Terryn as COO, as well as Urban Angehrn as Chief Investment Officer, Jeff Dailey as CEO Farmers, Mike Foley as CEO North America, George Quinn as Chief Financial Officer, Cecilia Reyes as Chief Risk Officer and Gary Shaughnessy as CEO for Europe, Middle East and Africa.

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