Zurich will axe its UK life chief executive role as part of a leadership restructure across its businesses around the world.
Following the restructure Zurich will have one chief executive who will be in charge of both its life and general insurance businesses in the UK.
Zurich will announce who will hold the role in July.
Previously, Zurich had separate chief executives for its UK life and general insurance businesses.
Since last December, Zurich has been without a permanent head of its UK life business after Gary Shaughnessy (pictured) was promoted to global life chief executive in December.
Currently Vibhu Sharma is chief executive of Zurich’s UK general insurance business.
Shaughnessy will become chief executive for Europe, Middle East and Africa under the new structure, and Zurich will appoint a new individual to run its combined UK life and general insurance businesses from July.
New regional heads will report directly to the group chief executive, and Zurich will also create a new group chief operating officer post to get a better handle on costs across the group. Robert Dickie, who was chief operations and technology officer, will leave the company.
Group chief executive Mario Greco said the new structure would make Zurich ‘more agile and more accountable, with a clearer line of sight between the top of the company and the people looking after our customers.’
Source: New Model Adviser