Largest Polish insurer PZU fires CEO Michal Krupiński
Poland's largest insurer Powszechny Zakład Ubezpieczeń (PZU) has announced that its supervisory board has dismissed CEO Michal Krupiński on March 22 from his role with immediate effect.
The board has not given any reason for Krupiński’s dismissal, who was appointed as the CEO in January 2016.
“Krupiński was respected among investors,” mBank analyst Michał Konarski told Intelligent Insurer.
The dismissal of the CEO raises concerns over the insurer's dividend policy and future growth plans, which include significant cuts in costs, mBank analysts commented in a note.
The PZU board appointed its member Marcin Chludziński to be the acting CEO until a replacement has been found, but for no longer than three months.
Since January 2016, Chludziński has been the president of the Industrial Development Agency and
a member of PZU's supervisory board.
PZU is listed on the Warsaw stock exchange and is partially owned by the Polish state with a share of 34.4 percent of the company’s capital. The group operates both in non-life and life insurance on the Polish market.
In 2016, PZU Group recorded gross written premiums of PLN 20.22 billion ($5.11 billion). Net profit improved to PLN 2.42 billion in 2016 from PLN 2.34 billion in the previous year.
Today’s top stories
Class action against P&C insurer AmTrust
Big four cedants boost reinsurance growth in Germany
Ed hires Gen Re executive as head of legal and compliance risk
UK SME’s grow cyber protection but coverage rates still low
Did you enjoy reading this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Intelligent Insurer
Newton Media Ltd
Kingfisher House
21-23 Elmfield Road
BR1 1LT
United Kingdom