Zurich lures former exec back from Generali as new CEO
Zurich Insurance Group has appointed Mario Greco, who most recently spent three years as the chief executive of Italian insurer Generali, as its new chief executive officer (CEO), effective May 1, 2016.
Greco will succeed Tom de Swaan, who has held the role on an ad interim basis since Martin Senn stepped down in December 2015.
Greco served as CEO of Generali since 2012, where he spearheaded a three-year turn around programme to boost profitability and strengthen the Italian insurer’s balance sheet.
Before that he worked with Zurich. He joined Zurich in October 2007 as the designated CEO Global Life and a member of the Group executive committee and was appointed CEO Global Life in April 2008. In 2010 he was appointed CEO General Insurance, a role he held until 2012.
His original appointment to Zurich followed a highly successful career in the European insurance markets, latterly as CEO of RAS (Allianz Group) in Milan.
“We are delighted to welcome Mario Greco to Zurich after his successful tenure as CEO of Generali,” said De Swaan, chairman of Zurich’s Board of Directors and CEO ad interim.
“Mario offers the rare combination of entrepreneurial spirit, deep industry knowledge and proven CEO experience that anchored our search for Zurich’s next leader. His intimate understanding of our company and our industry and his track record as a leader make him a unique candidate for the role.”
Greco added: “I am honoured to be asked to join Zurich at this critical juncture for the insurance industry.
“Like many global players, the company has faced market challenges in recent times but I know that Zurich’s strong global franchise, the breadth of talent and the powerful brand provide all of the ingredients for our future success.”
Zurich said the board decision follows a thorough global review of external candidates, as well as a comprehensive assessment of the attributes needed by Zurich’s future leader.
“Energy, vision, sound technical knowledge and a willingness to effect change were key qualities that informed our search,” added De Swaan.
“I am convinced that Mario is best placed to lead Zurich into the future in this changing environment.”
