(Bloomberg) -- Zurich Insurance Group AG needs a clear and simple strategy to rebuild investor confidence as the company tries to turn around its struggling general insurance unit, the firm’s new Chief Executive Officer Mario Greco said.
“We need to rebuild the trust of the markets in our ability to reach our goals as soon as possible,” the Naples native told staff in a memo seen by Bloomberg. “To achieve that we need to carry out our plans in a disciplined manner and set the right priorities.”
Zurich is reshaping general insurance and revamping its top management after a year that saw the company abandon a high-profile takeover bid for RSA Insurance Group Plc following unexpectedly high claims. Greco, previously CEO at Assicurazioni Generali SpA, took over in March, earlier than previously expected after Martin Senn stepped down in December. The stock is down about 14% this year.
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