Zurich confirms Greco as new chief executive

Zurich has confirmed that it has hired Generali chief executive Mario Greco as its new group chief executive.

He will join the Swiss insurance group on 1 May this year.

Greco was widely tipped to replace departed Zurich chief executive Martin Senn, and some reports said Greco’s name was the only one on the shortlist.

Zuruch has been run by chairman Tom de Swaaan since Senn stepped down in December last year.

Greco has been Italian insurance group Generali’s chief executive since 2012. He led a three-year turnaround plan to boost profitability and strengthen the company’s balance sheet.

The appointment marks a return to Zurich for Greco. He joined Zurich in October 2007 as the designated global life chief executive and was appointed to the role in April 2008. In 2010 he was named general insurance chief executive, a role he held until 2012.

Before joining Zurich, Greco was chief executive of Italian insurer RAS, part of Allianz.

De Swaan said: “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 honored 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.”