Zurich Insurance Group hired a former Swiss regulator to become its new chief risk officer.

Peter Giger will take on his new role at the company on Oct. 1, 2019. He replaces Alison Marton in the position, who was recently appointed chief executive officer Europe, Middle East & Africa (EMEA) and Bank Distribution for Zurich.

Giger’s appointment is subject to regulatory approval.

Giger previously spent four years as head of the Insurance division and deputy CEO of the Swiss Financial Market Supervisory Authority FINMA. He left FINMA in September 2018.

Mario Greco, Zurich’s group chief executive officer, noted in prepared remarks that Giger began his career with Zurich and had spent almost 20 years with the company. As a result, Greco said, Giger “already has an excellent understanding of our business model and risk profile.”

From 2002 to 2014, Giger held a number of executive positions at Zurich, most recently as chief financial officer of its General Insurance business in 2010-2014. From 1999-2002, he was head of Structured Finance at Swiss Re.

Giger began his career at Zurich, holding a series of management roles between 1992 and 1999.

Source: Zurich Insurance