Ray Greenshields, chief executive of Zurich Financial Services (ZFS), has become the latest insurance executive to lose his job.
Sandy Leitch, ZFS's chief executive said: "Ray and I have agreed the time is right for him to move on."
Greenshields had struggled to turn round ZFS's UK operations since he joined the insurer two years ago. The Australian had overhauled its Allied Dunbar sales force, by shedding over 1000 jobs.
ZFS had previously announced plans to cut 2000 UK jobs in a bid to make £600m savings.
Greenshields is the latest in a line of senior redundancies. Earlier this week, AMP announced that five senior executives would lose their jobs. Last month Bob Mendelsohn was ousted as chief executive of Royal & Sun Alliance.
