Martin Senn steps down – Tom de Swaan appointed CEO ad interim
Zurich Insurance Group (Zurich) announces changes to senior management.
After ten years with Zurich, six of which as CEO, Martin Senn has decided to step down by mutual agreement with the Board of Directors. He will leave the company at the end of the year. Tom de Swaan, who has been a member of the Board of Directors since 2006 and was named its Chairman in 2013, has been appointed CEO ad interim with immediate effect. While serving as CEO, Tom de Swaan will hold his mandates with other listed companies in abeyance. Fred Kindle, Vice-Chairman of the Board will take on certain additional responsibilities to ensure continued good governance. The process to appoint Martin Senn’s successor is underway.
Martin Senn said: “After ten very intense years with Zurich, I have decided to step down as CEO and to make way for new leadership. Zurich is a profitable, well capitalized company with outstanding employees. It enjoys an excellent reputation with customers around the world and sustainably delivers attractive dividends to shareholders. There have been some setbacks in recent months, but I am convinced that we have put in place the right measures for Zurich to reach its targets. I will remain closely tied to the company and am proud of what we have achieved together over the years.”
Tom de Swaan said: “The Board of Directors owes a massive thanks to Martin Senn. First as our Chief Investment Officer and in the past six years as CEO, he has successfully guided our company through a challenging environment, showing great foresight and tireless personal commitment. I have come to know him as a leader of the highest integrity, someone with a very rare sense of how to balance the interests of different stakeholder groups. Over the past two years, he has set in motion a transformation that will make our company more customer-centric, more efficient and more successful.”
Martin Senn’s departure will have no impact on Zurich’s strategic focus or its financial targets. The company is confident that it will be able to achieve or exceed its three financial targets for 2014-2016, namely a business operating profit after tax return on equity of 12 to 14 percent, a Z-ECM ratio of between 100 and 120 percent and net cash remittances after all central costs in excess of USD 9 billion over the three year period. As previously announced, the company will provide information on the deployment of USD 3 billion in excess capital when it publishes its results for 2015.
Further information
There will be a media conference call in English starting at 09.00 CET for questions by journalists to Martin Senn and Tom de Swaan. Please dial-in to register 3 to 5 minutes prior to the start of the call.
Dial-in numbers
- Europe +41 (0)58 310 50 00
- UK +44 (0)203 059 58 62
- USA +1 (1) 631 570 56 13
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Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. With more than 55,000 employees, it provides a wide range of general insurance and life insurance products and services. Zurich’s customers include individuals, small businesses, and mid-sized and large companies, including multinational corporations, in more than 170 countries. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information about Zurich is available at www.zurich.com.
Disclaimer and cautionary statement
Certain statements in this document are forward-looking statements, including, but not limited to, statements that are predications of or indicate future events, trends, plans or objectives of Zurich Insurance Group Ltd or the Zurich Insurance Group (the Group). Forward-looking statements include statements regarding the Group’s targeted profit, return on equity targets, expenses, pricing conditions, dividend policy and underwriting and claims results, as well as statements regarding the Group’s understanding of general economic, financial and insurance market conditions and expected developments. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results and plans and objectives of Zurich Insurance Group Ltd or the Group to differ materially from those expressed or implied in the forward-looking statements (or from past results). Factors such as (i) general economic conditions and competitive factors, particularly in key markets; (ii) the risk of a global economic downturn, in the financial services industries in particular; (iii) performance of financial markets; (iv) levels of interest rates and currency exchange rates; (v) frequency, severity and development of insured claims events; (vi) mortality and morbidity experience; (vii) policy renewal and lapse rates; and (viii) changes in laws and regulations and in the policies of regulators may have a direct bearing on the results of operations of Zurich Insurance Group Ltd and its Group and on whether the targets will be achieved. Zurich Insurance Group Ltd undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise.
All references to “Farmers Exchanges” mean Farmers Insurance Exchange, Fire Insurance Exchange, Truck Insurance Exchange and their subsidiaries and affiliates. The three Exchanges are California domiciled inter-insurance exchanges owned by their policyholders with governance oversight by their Boards of Governors. Farmers Group, Inc. and its subsidiaries are appointed as the attorneys-in-fact for the Farmers Exchanges and in that capacity provide certain non-claims administrative and management services to the Farmers Exchanges. Neither Farmers Group, Inc., nor its parent companies, Zurich Insurance Company Ltd and Zurich Insurance Group Ltd, have any ownership interest in the Farmers Exchanges. Financial information about the Farmers Exchanges is proprietary to the Farmers Exchanges, but is provided to support an understanding of the performance of Farmers Group, Inc. and Farmers Reinsurance Company.
It should be noted that past performance is not a guide to future performance. Please also note that interim results are not necessarily indicative of full year results.
Persons requiring advice should consult an independent adviser.
This communication does not constitute an offer or an invitation for the sale or purchase of securities in any jurisdiction.
THIS COMMUNICATION DOES NOT CONTAIN AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES; SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR EXEMPTION FROM REGISTRATION, AND ANY PUBLIC OFFERING OF SECURITIES TO BE MADE IN THE UNITED STATES WILL BE MADE BY MEANS OF A PROSPECTUS THAT MAY BE OBTAINED FROM THE ISSUER AND THAT WILL CONTAIN DETAILED INFORMATION ABOUT THE COMPANY AND MANAGEMENT, AS WELL AS FINANCIAL STATEMENTS.