Zurich Australia restructures, CEO departs

Zurich Financial Services Australia has announced it will undertake a restructure to bring it in line with its global parent company structure, with current Zurich Australia chief executive David Smith (pictured) to leave the company once the process is complete.

Just as is the case with the global business, the Australian restructure will focus on two separate operating businesses – general insurance on one hand, and life insurance and investments on the other – and will be supported by a number of internal appointments.

Shane Doyle has been appointed chief executive for general insurance in Australia, and Colin Morgan will be chief executive for life in Australia, which incorporates the investment management business. Both men were the general managers of their respective divisions under the old structure.

Current general manager of investments Matthew Drennan has been appointed executive general manager for investment management, reporting to Morgan. 

Current chief financial officer (CFO) Iain Howie has moved on within the Zurich Group to be chief operating officer for the Middle East-Africa region. Two new CFOs have been appointed from within Zurich Australia: William Milner for general insurance, and Raf Uy for life.

Smith was the architect of transformation and will depart on 31 March once it is completed, and has not yet announced any further career moves, according to Zurich.

Zurich Australia chairman Terry Paradine said Smith was known as a climate change champion and made Zurich the first insurer in Australia to provide automatic flood cover to commercial customers.

Doyle said the new structure would help Zurich increase its focus on servicing brokers and their customers, while Morgan added that the changes would help Zurich support independent financial advisers.