Zurich refuses comment on new CEO rumors

Speculation over an insurer’s choice for its new CEO remains speculation; neither the insurer itself nor the current company of the person in question would confirm the “market rumours”

Insurance News

By Lyle Adriano

Swiss newspaper SonntagsZeitung reported that Zurich Insurance would appoint Generali’s chief executive, Mario Greco, as its new CEO—both insurers, however, declined to comment on the report, saying that they do not comment on speculation.

SonntagsZeitung did not identify its sources for its report. According to the paper, Greco was the only name on Zurich’s shortlist of candidates.

The Swiss newspaper additionally stated that Zurich would make an official announcement regarding the appointment by Feb. 9. The same report also suspected that Greco’s appointment had not been formally approved due to several unexpected developments.

Previously, Greco served as Zurich’s chief of the general insurance unit, from 2010 to 2012, and as CEO, between 2008 and 2010.

Zurich’s previous CEO, Martin Senn, stepped down last Dec. 1 during a tumultuous period for the insurer. At that time, the company’s declining profit prevented it from acquiring RSA Insurance Group Plc. Zurich was also undergoing a major management and business overhaul that saw job cuts and business withdrawals from the company’s non-life insurance unit.

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