Zurich lures Greco from Generali

After weeks of media speculation, Zurich has announced that Mr Greco - who has been CEO of Generali since 2012 - will succeed Tom de Swaan, who took over as head of the insurer on an interim basis when Martin Senn stepped down by "mutual agreement" in December. The appointment is subject to regulatory approval. Zurich's board said the decision to move for Mr Greco follows a "thorough global review of external candidates", as well as a comprehensive assessment of the attributes needed by its future leader. Swiss newspaper SonntagsZeitung reported in mid-January that Mr Greco would move across the divide and join Zurich. Citing an industry insider, SonntagsZeitung wrote that in the end Mr Greco was the only person on Zurich's shortlist. "At the end, three names were shortlisted: Mario Greco, Mario Greco and Mario Greco," the insider told the newspaper.hideMr Greco's decision to leave Generali will come as a blow to the Italian insurer where he spearheaded a three-year turn around programme to boost profitability and strengthen the company's balance sheet. Mr Greco rejoins Zurich, having left the insurer to head up Generali. He previously joined Zurich in 2007 as the designated CEO of global life and a member of the Group Executive Committee. He was appointed full CEO of Global Life in April 2008. In 2010 he was appointed Zurich's CEO of general insurance, a role he held until he left the company in 2012. "We are delighted to welcome Mario Greco to Zurich after his successful tenure as CEO of Generali," said Mr De Swaan. "Mario offers the rare combination of entrepreneurial spirit, deep industry knowledge and proven CEO experience that anchored our search for Zurich's next leader. His intimate understanding of our company and industry, and his track record as a leader, make him a unique candidate for the role." Mr Greco said he is honoured to be asked to join Zurich at this critical juncture for the insurance industry. "Like many global players, the company has faced market challenges in recent times but I know that Zurich's strong global franchise, the breadth of talent and the powerful brand provide all of the ingredients for future success," he said. It appears Mr Greco has a tough job on his hands at Zurich. The opening at the company follows Mr Senn stepping down partly because of poor results at the insurer's global corporate business and the failure of its RSA takeover bid. Zurich 2015 third quarter results were hit by $275m of losses from the Tianjin explosion in China, as well as reserve additions of $300m for current and prior year US auto liability and "certain other lines" of business. Zurich's general insurance business therefore reported an operating loss of around $200m for the third quarter. In September, Zurich also called off its potential bid for RSA. Last week, Zurich said it expects its general insurance operations to record a business operating loss of around $100m in the fourth quarter of 2015 as natural catastrophe and significant large losses take their toll. The insurance group said it anticipates losses of approximately $275m within its soon to be released 2015 results from storms Desmond, Eva and Frank in the UK and Ireland. These estimates are net of reinsurance and before tax. The group's full results will be released on 11 February. In addition to the UK and Ireland floods, Zurich said there have been a number of other natural catastrophe events in the fourth quarter, including a tornado in Australia. Furthermore, Zurich said it continued to experience a "very high level" of large current accident year losses in the fourth quarter. These significant losses mainly relate to a large credit and surety loss, as well as several substantial property claims, principally impacting its global corporate business and certain European countries. The profitability of business underwritten in 2015 continues to impact results, said Zurich.

Zurich lures Greco from Generali

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