Zurich has launched a global life protection business with the move triggering a shuffling of CEOs in the new arm and UK operations.
The insurer noted the move was a major part of its global strategy with protection business representing almost 60% of the life business operating profit.
Its goal is to consolidate the Zurich protection business under a single global unit to improve technical excellence in underwriting and pricing, and customer focus, the insurer said.
”As outlined at this year’s investor day, the life protection unit will drive the acceleration of protection growth,” it said.
Tim Bailey, CEO of Zurich UK since the start of 2021, will take on the role of CEO of the global life and protection business.
Bailey’s career includes four years as CEO of Zurich Australia’s life and investments business, as well as COO EMEA and bank distribution. He will report to Cara Morton, CEO Zurich Global Ventures.
Drazen Jaksic, currently CEO Zurich Benelux, will replace Bailey as CEO of Zurich UK, subject to regulatory approval.
Jaksic joined Zurich Insurance Group in 2019 and previously was global head of accident and health in its commercial insurance business. Before this, he was senior vice president of accident and health at Chubb Europe.
Bailey said: ”Life insurance has played a pivotal role in my career. The opportunity to build and lead a new global business and establish Zurich as a world leader in this space is exciting.
”Over the last four years, Zurich UK has grown significantly and strengthened its market position.
”I have been fortunate to lead an outstanding team which I’m leaving in Drazen’s excellent hands. He has everything the business needs to continue to drive it forward.”
Alison Martin, CEO EMEA and bank distribution said: “We are delighted to have a leader of Drazen’s calibre at the helm of Zurich UK, one of Zurich’s key markets.
”Drazen has made a significant impact since joining Zurich, and we look forward to seeing him continue this success at Zurich UK.”
Jaksic added: “This is a fantastic opportunity for me to continue to advance our position in the UK market.
“I can’t wait to get started, it’s clearly a very talented leadership team and a strong business unit.
“I see huge opportunities for us in the market and I feel privileged to play a role in driving our future success.“