“After ten very intense years with Zurich, I have decided to step down as CEO and to make way for new leadership,” Senn said.
“There have been some setbacks in recent months, but I am convinced that we have put in place the right measures for Zurich to reach its targets. I will remain closely tied to the company and am proud of what we have achieved together over the years,” he added.
Setbacks
Among those recent setbacks is the announcement on Monday that Zurich International Life will withdraw from the life business in Singapore, effective from 1 December 2015.
Zurich Insurance Group had already handed over its entire Singapore-based tied agency network of around 160 financial advisers to the Nexus Group at the end of September. At the time Zurich attributed the move to changes in the regulatory landscape.
“There have been some setbacks in recent months, but I am convinced that we have put in place the right measures for Zurich to reach its targets."
The group’s Q3 2015 financial results, released early last month, reported an 18% constant currency rise in new business sales, offset by losses on the company’s general insurance side.
Zurich General Insurance reported an operating loss of around $200m (£133m, €189m) for the third quarter of 2015 impacted by adverse claims and a further increase in large losses; including $275m in claims following the explosion at China’s Tianjin Port in August.
Interim appointment
Tom de Swaan, who has been a member of the board of directors since 2006 and was named its chairman in 2013, has been appointed interim chief executive with immediate effect.
While serving as chief executive, de Swaan will hold his mandates with other listed companies in abeyance.
Fred Kindle, vice-chairman of the board, will take on certain additional responsibilities to ensure continued good governance.
The process to appoint Senn’s successor is underway.
