Zurich Insurance has revamped the structure for its Commercial Insurance business in the Asia Pacific Region, following the combination of its Global Corporate and Commercial units into a single division. The move is part of a broader move to streamline operations.
“This simplified structure provides a single point of entry for commercial customers as they look to Zurich for an increasingly diverse range of products,” said the company in a statement.
Zurich’s move in its Asia Pacific market follows related actions earlier this year. In January, the carrier formally debuted its North America Commercial Insurance Unit, which, as disclosed in November, brings together the former Commercial Markets and former Global Corporate in North America Units.
The new Commercial Insurance business in Asia Pacific is headed by Chris Waterman, who joined Zurich as chief underwriting officer, Commercial, for the region in 2016. Waterman reports to Jack Howell, chief executive officer of Zurich in APAC, and Jim Shea, chief executive officer of Zurich’s Commercial Insurance business globally.
The shift towards an increased product and underwriting focus sees the creation of three defined leaders for Casualty, Specialty and Property lines in the region, who each will be responsible for driving results in partnership with the country heads of Commercial:
- Penny Seach joined Zurich on Feb. 6 as head of Casualty, APAC, from AIG where she was most recently the regional head of Casualty and Crisis Management.
- Alex Morgan, currently chief underwriting officer, Commercial, Japan, will take on the role of head of Specialty, APAC, effective April 3 and relocate to Singapore.
- Chris Waterman also takes on the role of head of Property, APAC.
Each of these new positions will be supported by a deputy. Geoff Gillmore will continue to support Property as deputy head; Echo Chen will continue to support Casualty as deputy head but will relocate to Singapore; and Tim Warren, currently head of Credit and Political Risk, APAC, is appointed deputy head of Specialty.
In Singapore, Reg Peacock, currently head of Commercial, Japan, will be appointed as CEO of Zurich’s business in Singapore, subject to regulatory approval. Peacock will continue to lead Commercial, Japan until his appointment as Singapore CEO receives regulatory approval. When this approval is granted, Kazuhisa Otani, currently vice president, Distribution, for Commercial, Japan, will assume leadership of the Commercial, Japan team, subject to the necessary approvals.
“This simpler structure provides our customers with a streamlined, tailored offering and brings the clarity of focus needed to target Zurich’s global resources at the most important opportunities in Asia Pacific,” commented Howell.
“We are changing our go-to-market approach so we can provide customers and brokers with one single channel to access the tailored insurance and protection solutions they are looking for,” said Waterman. “With this new structure, we are also empowering each country with the authority and agility they need to make even faster decisions in response to their customer conversations.”
Source: Zurich Insurance