Zurich Financial Services Australia has announced that it will divide life insurance and investments, and general insurance into two operating businesses to align the company to its parent’s global structure.
The group said this would enable the two businesses to provide an even greater depth of support and service to brokers as well as advisers and their customers.
As part of the new structure within Zurich Australia, the company’s chief executive, David Smith, who led the transformation process, will leave the company on 31 March, with his position made redundant.
Colin Morgan will take over as chief executive of life, which incorporates the investment management business, with Shane Doyle to take over as chief executive of general insurance.
Under the new life and investments structure, investments general manager Matthew Drennan has also been appointed investment management executive general manager, reporting to Morgan.
Morgan said Zurich was one of the largest global players in life insurance and the alignment would enable the Australian business to further accelerate its focus to support independent financial advisers and their clients.
Meanwhile, Zurich Australia’s current chief financial officer, Iain Howie, will move to a new role within Zurich Group as chief operating officer for the Middle East-Africa region.
To support the move to two clear operating businesses, two new CFOs, Raf Uy for life and William Milner for general insurance, have been appointed internally.
Zurich Australia chairman Terry Paradine said the new model enabled Zurich to singularly focus on seeking opportunities in the highly competitive markets of general insurance and life insurance in Australia.
“Equally importantly, the new structure will enable us to give an even greater depth of support and service to intermediaries and customers,” Paradine said.
