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Zurich Insurance In Turmoil After Chief Quits

insurance buryZurich Insurance have been left with a catastrophe on their hands after their chief executive called it quits. The insurance firm have been in a frantic scramble to get a replacement after the news. Martin Senn had been at the head of the group for a total of six years. He decided to step down after Zurich's bid to take over the UK group RSA failed, putting them back in the general insurance market.

Zurich have been pushed into a defensive state after Senn's departure at a time where the whole insurance industry is under pressure. Tom de Swann, Zurich's chairman, said: "I will take over as interim chief executive". Swann's announcement had an negative impact on any external successors by stating that he wants a replacement who is an "entrepreneurial leader".

Swann added: "Zurich's strategy and financial targets remain unchanged. I will stand for re-election as chairman next year." Yesterday he said: "The time was right to make way for a new leadership. This year's setbacks were personally disappointing but we are preparing a new strategy to start at the end of 2016. We need a new chief that is able to make a five-year commitment."

James Savery, 02 December 2015

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