Zurich restructures its APAC business
International insurer Zurich has announced a major overhaul of its Asia-Pacific business, merging its corporate and commercial units into a single division.
The integration is designed to simplify its business and give clients a single point of entry, said the insurer, and will be conducted on a country-by-country basis.
The move will also mean several personnel changes. The new combined commercial and corporate business will be led by former chief underwriting officer Chris Waterman, who will report to Jack Howell, chief executive of Zurich in Asia-Pacific, and Jim Shea, chief executive of Zurich’s global commercial insurance business.
There are also a number of new appointments in specific lines, as the company shifts towards what it says is an increased product and underwriting focus. Penny Seach becomes head of casualty, Alex Morgan is the new head of specialty, Asia-Pacific and Chris Waterman will be head of property, Asia-Pacific, in addition to his leadership role.
Zurich has also appointed a number of new country heads, pending regulatory approval. Reg Peacock, former head of commercial, Japan is set to be the new chief executive of Zurich’s business in Singapore, while Kazuhisa Otani is lined up to be head of the commercial, Japan business.
“This simpler structure provides our customers with a streamlined, tailored offering and brings the clarity of focus needed to target Zurich’s global resources at the most important opportunities in Asia-Pacific,” said Mr Howell.
“With this new structure, we are also empowering each country with the authority and agility they need to make even faster decisions in response to their customer conversations,” added Mr Waterman.
