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Zurich Insurance seeks to replace chief executive

Posted On: Nov. 13, 2015 12:00 AM CST

Switzerland-based Zurich Insurance Group Ltd. is looking to replace its chief executive, Martin Senn, after losses in the third quarter forced the insurer to abandon its bid for U.K.-based RSA Insurance Group P.L.C., reports Bloomberg citing business magazine Bilanz.

Zurich Insurance has hired U.K.-based MWM Consulting Ltd. to conduct the search. Mr. Senn took over as the insurer's chief executive in 2010. The insurer reported a decline of 79% in its profits in the third quarter of 2015. Mr. Senn has been under pressure to increase profit.

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