James Schiro's contract as chief executive of Zurich Financial Services Group has been extended to December 2009.
Manfred Gentz, Zurich's chairman, said: "We are pleased that James Schiro has agreed to extend his tenure. Now that group has regained its stature in the global marketplace, we must further enhance its brend and profitably grow its business."
Gentz paid tribute to Schiro's "ability to inspire" and he is confident that "he will bring the group ever closer to fulfilling our ambition of becoming a leading global insurer".
Schiro has been in the position for four years. He also sits on the board of PepsiCo and Royal Phillips Electronics.
