Zurich has revealed a new UK structure and plans to axe around 240 jobs.
Hot on the heels of Aviva’s management shake-up, Zurich has revealed plans to change the structure of the life and general insurance arms of the business.
There will be a single commercial insurance unit while Zurich Municipal will continue to be run by Andrew Jepp.
Conor Brennan will become responsible for a newly created retail general insurance unit.
Zurich Life has been simplified around two organisational units, life distribution and life manufacturing.
As well as continuing in her role as head of life with regulatory responsibility for the life legal entities, Anne Torry will take on additional responsibilities in working with Tulsi Naidu, chief executive of Zurich UK, to reshape the UK business.
David White becomes head of life distribution, bringing together all UK life routes to market including retail protection, retail platform, corporate savings, corporate risk and Zurich FutureYou.
Jim Sykes has been appointed head of life manufacturing, taking responsibility for product management, post-sales customer service, oversight of outsourced services and core business activities such as underwriting policy.
As well as a shake-up at the top of Zurich, the changes mean proposals are underway to remove around 240 jobs from the UK business as functions are aligned.
Consultation has begun with employees on these proposals.
Bosses said while making these decisions is never done lightly, Zurich was committed to sharing the conclusion of these proposals with employees first.
It is anticipated that roles will be largely removed from back office and non-market facing areas, such as finance, operations and marketing.
Ms Naidu said: “We have built a truly integrated and diverse executive team promptly, and one with significant experience in our markets.
“We want to continue our market leadership in some areas and take advantage of opportunities to grow in others, making a strong business stronger still. It will be very much business as usual from a market standpoint as we simplify our structure.
“We have an outstanding commercial insurance offering, great life propositions but an underdeveloped presence serving retail and small business insurance customers.
“We have fantastic momentum in our business and I see opportunity for us to succeed in all our markets by taking a very customer focused approach.
“This integration does mean that proposals are underway to remove some roles from the UK business.
“Making these decisions is never done lightly, but the steps we are undertaking will make us sustainable in a highly competitive market - creating a platform for growth.”
Philip Martin, marketing director of restricted intermediary business Openwork, which Zurich has a 25 per cent stake in, said he wasn’t surprised by the announcement.
He said the new structure of the business reflected how Zurich was structured globally.
Mr Martin said: “It (the announcement) has no impact on our relationship with Zurich.”
emma.hughes@ft.com
