Swiss Re appointed a new executive to help grow its property/casualty and life/health business in the Middle East and Africa. Cincinnati Financial’s chairman of the board is stepping back from active employment and responsibilities at the insurer within six months.
Swiss Re appointed Tavaziva (“Tava”) Madzinga as its new reinsurance managing director and marketing executive for Middle East and Africa.
Madzinga replaces Frank O’Neill, who was recently appointed as CEO Swiss Re UK.
Previously, Madzinga was with South African insurer Old Mutual, where he served as regional CEO for South and East Africa. He worked for 16 years at Old Mutual in other leadership roles.
In his new position, Madzinga will lead the growth of Swiss Re’s Property & Casualty and Life & Health portfolios through the Middle East and Africa.
Madzinga takes on his new position on Nov. 1, 2016, pending regulatory and board approvals. He’ll join Swiss Re’s EMEA Reinsurance Executive Committee and report directly to Jean Jacques Henchoz, Swiss Re’s CEO Reinsurance EMEA.
Cincinnati Financial Corporation Chairman of the Board Kenneth Stecher will retire from active employment and responsibilities from the property/casualty insurer within the next six months.
Stecher plans to remain, however, as a director and nonemployee chairman of the board.
Stecher has had a 49-year insurance industry career, and has been a director of Cincinnati Financial since 2008 and served on all subsidiary boards since 1997. The company notes he quickly advanced through the accounting department’s officer ranks after joining the company through its acquisition of Inter-Ocean Life Insurance Company in 1973.
Cincinnati Financial lead independent director William Bahl said in prepared remarks that Stetcher’s decision to step away from executive responsibilities while remaining as chairman of the board reflects the insurer’s focus on long-term planning.
Sources: Swiss Re, Cincinnati Financial