Insurer Zurich merges global corporate and commercial units

SWISS insurer Zurich has announced the new structure of its commercial insurance business in the Asia-Pacific (Apac) region, following the merging of its global corporate and commercial units.

It said on Friday that this simplified structure provides a single point of entry for commercial customers.

"The integration of the two business units is being implemented on a country-by-country basis, increasing each country's ability to service Zurich's customers at a local level, while ensuring they have access to the best of Zurich's global underwriting capabilities and risk management expertise," the insurer said in a release.

The new commercial insurance business in Apac is headed by Chris Waterman, who joined Zurich as chief underwriting officer of the commercial business for the region in 2016.

He reports to Jack Howell, chief executive of Zurich in Apac, and Jim Shea, chief executive of Zurich's global commercial insurance operations.

The insurer added that the shift towards an increased product and underwriting focus has resulted in the creation of three defined leaders for casualty, specialty and property lines in Apac.

Penny Seach heads casualty; Alex Morgan, who is currently chief underwriting officer of the commercial line in Japan, will take on the role of head of specialty with effect from April 3; and Mr Waterman will also head the property line.

In Singapore, Reg Peacock, currently heading the commercial line in Japan, will be appointed CEO of Zurich's business in Singapore, subject to regulatory approval.