(Bloomberg) – Zurich Insurance AG's new chief executive officer, Mario Greco, is shaking up the largest Swiss insurer after an unexpected jump in claims last year forced it to abandon a takeover and prompted his predecessor's exit.
Zurich is merging its biggest units, global life and general insurance, and reorganizing along geographical lines. The four regional heads — for Europe, the Middle East and Africa, North America, Latin America and Asia Pacific — will report directly to Greco. The company's business with its global corporate clients with remain in a separate division.
|More efficient
"This structure is more efficient than the previous one," Greco, 56, said on a conference call with reporters on Friday. "There will be a contribution to cost savings, but we need to quantify that precisely and we're not ready to do that today."
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