Following the disappointing results recorded by its non life insurance unit, Zurich Insurance Group has launched an extensive restructuring program to get this division back afloat. With a reported loss of 200 million USD, the first measures have immediately been taken.
Michael Kerner is officially replaced by Kristof Terryn at the head of the non life division, General Insurance. The latter will continue to serve CEO ad interim for Global Life.
According to Reuters, the Swiss insurer will unveil in more detail its recovery plan on November 5, when publishing its quarterly results. Several large claims are at the origin of this situation. The motor insurance policies in the United States along with the technical Tianjin disaster of last August, which alone is expected to cost 275 million USD for Zurich, have already forced the insurer to drop its attempt to purchase its British rival RSA Insurance Group.