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Zurich North America will shake up its organizational structure in 2017 by merging its commercial markets and global corporate businesses.
A Zurich North America spokeswoman said the new unit does not yet have a name and that the company does not expect any layoffs to result from the action.
Starting Jan. 1, Paul Horgan will lead the newly formed unit, Zurich North America said Monday in a statement. Mr. Horgan, currently CEO of Global Corporate in North America, will report to Mike Foley, CEO of Zurich North America, and to James Shea, CEO of commercial insurance globally for Zurich.
“Paul’s 30 years of industry experience, in addition to his Zurich experience leading our Global Corporate North America team and global leadership roles in Underwriting and Reinsurance, make him a great choice to lead this team,” Mr. Shea said in the statement.
Also on Jan. 1, Craig Fundum will become chief administrative officer of Zurich North America, according to the statement.
Mr. Fundum, currently head of commercial markets, will be responsible for strategic execution, human resources, communications, community investment and employee engagement.
He also will chair the company’s Risk and Control Committee in North America, coordinating with the audit, risk and compliance group. He will continue reporting to Mr. Foley.
“Craig has over 25 years’ experience at Zurich, during which he has delivered tremendous impact across a variety of roles,” Mr. Foley said in the statement. “His extensive knowledge of our people and our processes, as well as our customers and products, will be invaluable to Zurich as he takes on this new challenge as chief administrative officer.”
Geno Fernandez will assume the role of chief underwriting officer at Schaumburg, Illinois-based Zurich North America, effective July 5, Zurich announced Monday.