Zurich UK to cut 240 jobs as part of a restructuring, major reshuffle

Zurich Insurance Group will remove around 240 jobs from the UK business as part of a major restructure within the organisation. The roles will be largely removed from back office and non-market facing areas.

The company is set to combine its life and general insurance units under a single leadership team to "simplify" the business. A new single UK executive team has been put in place; and Zurich will appoint a UK CEO in November this year.

The new UK structure takes effect immediately and is in line with the company's strategy to reshape the business for future success and strengthen customer relationships.

Under the new structure, a single commercial insurance unit, combining its former commercial broker and global corporate UK businesses, will be led by Vinicio Cellerini.

“This integration does mean that proposals are underway to remove some roles from the UK business. Making these decisions is never done lightly, but the steps we are undertaking will make us sustainable in a highly competitive market - creating a platform for growth,” said Tulsi Naidu, CEO of Zurich UK.

The restructuring includes a major reshuffle within the organisation.

Conor Brennan will take the responsibility for the newly-created retail general insurance unit, which incorporates personal lines, SME business and specialist propositions such as Navigators & General and Zurich Private Clients.

Moreover, Zurich Life has been simplified around two organisational units - Life Distribution and Life Manufacturing.

Anne Torry will continue in her role as the head of life with regulatory responsibility for the life legal entities. She will additionally work with the CEO Tulsi Naidu to reshape the UK business.

David White will become the head of life distribution, which includes retail protection, retail platform, corporate savings, corporate risk and Zurich FutureYou.

Jim Sykes has been appointed as the head of Life Manufacturing, taking responsibility for product management, post-sales customer service, and overseeing outsourced services and underwriting policy.

Naidu said: “We have built a truly integrated and diverse executive team promptly, and one with significant experience in our markets. We want to continue our market leadership in some areas and take advantage of opportunities to grow in others, making a strong business stronger still. It will be very much business as usual from a market standpoint as we simplify our structure.

“We have an outstanding commercial insurance offering, great life propositions but an underdeveloped presence serving retail and small business insurance customers. We have fantastic momentum in our business and I see opportunity for us to succeed in all our markets by taking a very customer focused approach."