Zurich Insurance CEO to Step Down
December 01 2015 - 2:10AM
Dow Jones News
ZURICH—The chief executive of troubled insurance giant Zurich
Insurance Group AG is stepping down, the company said on
Tuesday.
Zurich Insurance said Martin Senn, who has served as CEO since
2010, will be leaving by the end of this year. He will be replaced
on an interim basis by Chairman Tom de Swaan, while the firm seeks
a permanent replacement.
The Zurich-based insurer is in the midst of a difficult period,
as it struggles to revamp its general insurance unit, which is the
company's largest. Zurich Insurance has been cutting staff recently
at its general insurance business, which has been under an internal
review.
Last month, Zurich Insurance reported a 79% decline in overall
third-quarter net profit, and an operating loss of $183 million for
the general insurance business.
In September, Zurich Insurance was forced to call off its
pursuit of an acquisition of U.K.-based RSA Insurance Group PLC,
due to the mounting difficulties at its general insurance unit.
Zurich Insurance said at that time that its problems included
expected losses of about $275 million related to the deadly
explosions at a port in Tianjin, China, in August.
Write to John Letzing at john.letzing@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
December 01, 2015 01:55 ET (06:55 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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