Bloomberg

(Bloomberg) -- Zurich Insurance AG said it will create a simpler business structure, with regional heads reporting directly to new Chief Executive Officer Mario Greco.

“This new organization will be more agile and more accountable, with a clearer line of sight between the top of the company and the people looking after our customers,” Greco said in a statement on Friday. The heads of Europe, the Middle East and Africa, North America, Latin America and Asia Pacific will report directly to the CEO. The insurer also appointed Kristof Terryn as chief operating officer in a new role, which is part of the eight-member executive committee.

Greco, 56, is reshaping general insurance and revamping the top management to restore investor confidence after a year in which the company abandoned a high-profile takeover bid for RSA Insurance Group Plc, following unexpectedly high claims. The former head of Italy’s Assicurazioni Generali SpA took over in March after Martin Senn stepped down in December.

Robert Dickie, chief operations and technology officer, has decided to step down to pursue other opportunities and will leave in the coming months after a transition period, the company said. Terryn was previously head of the general insurance business.

“The new structure is the acceleration and globalization of work already underway in key markets like Switzerland, Germany and Italy, combining life and non-life under one leadership team and applying a unified go-to-market approach,” the company said.

Zurich Insurance shares have dropped about 12 percent this year.

To contact the reporter on this story: Ross Larsen in London at rlarsen2@bloomberg.net. To contact the editors responsible for this story: Neil Callanan at ncallanan@bloomberg.net, Simone Meier, Angela Cullen

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