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Zurich names new U.S. executive as Riordan departs

Zurich names new U.S. executive as Riordan departs

Daniel Riordan, Zurich Financial Group CEO of Global Corporate business in North America, has left the insurer and will be replaced by the Zurich's reinsurance chief.

The announcement is the second high-level departure from Zurich in the past several weeks and comes on the heels of the start of an in-depth business review of its property/casualty operations.

In a statement Thursday, Zurich said Paul Horgan will replace Mr. Riordan who “left Zurich to pursue professional opportunities outside of the company.” A Zurich spokesman could not immediately be reached for comment.

Mr. Horgan will be head the large account unit, which recorded gross written premiums and policy fees of $3.7 billion in 2014, according to the the statement.

Mr. Horgan will be based in New York and report to Global Corporate CEO Thomas Huerlimann.

Mr. Horgan joined Zurich as chief underwriting officer for Global Corporate in North America in 2007, and was appointed head of group reinsurance in 2012. Before joining Zurich, he held a number of senior roles at Boston-based Liberty Mutual Insurance Co.

Mr. Riordan had held the role since 2012 when he replaced Mike Kerner after Mr. Kerner was named to head Zurich's general insurance business at the insurer's head office in Switzerland.

Zurich recently named Kristof Terryn as CEO of general insurance to replace Mr. Kerner, who left for personal reasons. Mr. Terryn has been carrying out an in-depth review of the company's property/casualty operations, the insurer said.