Gary Shaughnessy has now been appointed as the chief executive officer as the insurer shuffles leadership again.
The Zurich Insurance company has now announced that it has changed leadership in its Global Life business for the second time in a span of two years, now that it has appointed Gary Shaughnessy to the position.
The new CEO had already been the head of the life insurance business for the U.K. with extensive experience.
The 49 year old had also been the interim CEO of global life in Asia, Europe and the Middle East. Shaughnessy has not yet stepped up to the position, but will be doing so as of January 1, 2016. Among the rest of the changes in leadership that are occurring at the insurance company include a changing of position for Kristof Terryn. Terryn had been the head of both life and non-life units as of October 1, but will now be stepping into a new role as the CEO of the general insurance unit of the organization. This position will be held as Zurich keeps up its efforts to find a new CEO to replace Martin Senn who left on December 1.
Many experts seem hopeful about the new choices the insurance company has made in its appointments.
According to Baader-Helvea analyst, Daniel Bischof, “What’s good about this is that Terryn can now focus on the crucial job of bringing the general insurance business back on track.”
Senn left following notable general insurance business losses, which pushed the insurer to step away from its intentions to acquire RSA Insurance Group Plc. In November, Zurich reported a massive 79 percent plunge in its third quarter profits and made an announcement with regards to a complete overhaul of its general insurance business. Tom de Swaan, the chairman of the company, is currently acting as its temporary CEO until a more permanent one can be found.
Shaughnessy’s appointment is not the only one that has occurred recently for that position in the insurance company. In 2013, the insurer experienced another shakeup when it suffered a deep loss when Pierre Wauthier, its chief financial officer, was found dead in his home. Very soon afterward, Josef Ackermann, the chairman at the time, resigned after it was revealed that Wauthier had a suicide note which mentioned him.