Zurich seeks to replace CEO Senn: Report
November 13, 2015 by IFAWebNews Staff
Zurich Insurance Group is actively seeking a replacement for Chief Executive Officer Martin Senn, following third-quarter losses that forced the international insurer to abandon its bid for Britain’s RSA Insurance Group, according to a Swiss business magazine.
According to Swiss business magazine Bilanz, Switzerland’s biggest insurer has hired a London executive search firm. Bilanz reported the news on its website, but did not cite a source for the information. Zurich has not addressed the story.
Martin Senn
Zurich abandoned a proposed bid for RSA Insurance in September after reports that it underestimated North American auto and construction liabilities, with profits falling 79% in the quarter that ended in September. Profit dropped to $207 million from a year earlier as Zurich set aside $367 million to cover the shortfall in reserves, and booked $275 million in losses from the mid-August explosions in the Chinese city of Tianjin.
Senn took over as Zurich’s CEO in 2010, and has been under increasing pressure to increase profits. He was chief investment officer for the insurer since 2006.
Last week, Zurich announced an overhaul of its non-life insurance unit, including job cuts and an exit from part of the U.S. transportation business.
