Swiss insurer Zurich will combine its life and non-life businesses in Germany in a bid to become more efficient. The head of Zurich in Germany resigned yesterday. His successor is charged with the task to cut 10 percent of the workforce.
Ralph Brand (pictured below), head of Zurich in Germany, left the company yesterday and today was replaced by Marcus Nagel, hitherto in charge of Zurich's life business in the country. Brand was also in charge of the German general insurance business.
«With its reorganization, Zurich aims to reduce the complexity, to increase the company's efficiency not least with a massive boost to the digitization and to support long-term growth,» the insurer said in a statement today.
Challenges Ahead
Nagel will be charged with reducing the headcount by 500 from a current 5,500, announced by Brand last year.
Zurich may need to cull some 8,000 of its 55,000 jobs worldwide. Mario Greco, who will take over at the helm of the insurer on March 7, needs to take action as declining premiums and volumes at General Insurance and Global Life units weigh on the company's profitability.
Greco is taking the place of Martin Senn, who stepped down in December 2015 after 10 years in charge. Tom de Swaan, the chairman of the company, took interim charge on December 1.
