Zurich combines specialty, commercial units in North America
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Zurich North America said Thursday it is merging its special products business with its North America commercial business insurance unit as it continues to “simplify and strengthen” its organization.
Schaumburg, Illinois-based Zurich North America said Paul Horgan, New York-based head of North America commercial insurance will lead the expanded unit. He will report to Mike Foley, Zurich North America’s CEO, and James Shea, Zurich’s global CEO of commercial insurance, the statement said.
In addition, Brian Winters has been named head of specialty products for Zurich North America, effective immediately. He will report to Mr. Horgan. Mr. Winters, who is New York-based, was most recently responsible for managing relationships with its largest customers and brokers.
Worcester, Massachusetts-based Hanover Insurance Group Inc. announced Thursday that Bryan J. Salvatore, who had headed special products for Zurich North America, has been appointed its executive vice president and president of specialty, effective June 12.
“There is no headcount reduction target associated with this announcement,” she said.
The announcement follows the decision last November by Zurich North America to merge its commercial markets business with its global corporate business.
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View from the top: Mike Foley, Zurich Insurance Group Ltd.
Mike Foley was named CEO North America for Zurich Insurance Group Ltd. last year when the global insurer announced a series of organizational changes aimed at simplifying its structure, reducing its costs and improving its results. He joined Zurich from McKinsey & Co. in 2006. Mr. Foley recently spoke with Business Insurance Editor Gavin Souter about how the changes at Zurich will affect the insurer’s operations and its customers. Edited excerpts follow.
