Martin Senn, the former CEO of Zurich Insurance Group who reportedly committed suicide was found dead in his holiday home, according to reports.
Senn, who stepped down following a shake-up of the company last December, took his life on Friday his family informed the insurer.
“We are profoundly shocked by the news of the sudden death,” read the insurer’s statement, released yesterday.
Senn, who was 59 years old, was found at his holiday home in Klosters, Switzerland, a ski resort, according to reports in the Blick newspaper. Speaking about his passing, Martin Naville, the CEO of the Swiss-American Chamber of Commerce, where Senn had previously served as president, told Bloomberg
that “human beings are hard to understand but we have to accept his decision”. He described Senn as a “huge loss” and “an amazing person”.
Leaving the company last December, Senn commented that there had been setbacks following higher than expected levels of claims which prompted the insurer to abandon a takeover of RSA
Insurance Group. Senn was replaced by Mario Greco in March.
Despite this, the company enjoyed a great deal of success during his tenure with the value of the firm rising about 19 per cent during his five years. His most notable acquisition was the purchase of Banco Santander for $1.67 billion back in 2011. He is reported to have had a “conservative approach” which helped the insurer navigate through the difficult times of the financial crisis.
It is not the first time that a former senior member of the Zurich team has taken his own life. In 2013, chief financial officer Pierre Wauthire was found dead in his home, reportedly leaving a suicide note.
Former Zurich CEO reportedly commits suicide