Report: Zurich Insurance to Name Mario Greco CEO

Wednesday, January 13, 2016 | 0

Zurich Insurance Group AG, the fifth largest workers’ compensation carrier in the U.S., will appoint Mario Greco as its next chief executive officer, Bloomberg reported.

Greco is now CEO of Italy’s biggest insurer, Assicurazioni Generali SpA. He would replace Martin Senn, who stepped down as Zurich CEO in December amid company turmoil and a third-quarter operating loss in its non-life insurance unit of $183 million.

Greco’s appointment needs approval of Zurich’s board and isn’t yet formal, according to Bloomberg, which cited as its source as Swiss newspaper SonntagsZeitung. The appointment is expected by the time off Zurich’s annual media conference on Feb. 11.

Meanwhile, negotiations are underway to renew Greco’s contract at Generali, a source told Bloomberg.

A Zurich spokeswoman declined to comment to Bloomberg, as did a Generali spokesman.

Before joining Generali, Greco headed Zurich’s general insurance unit from 2010 to 2012 and was CEO of the global life business from 2008 to 2010.

Zurich Insurance Group wrote $2.6 billion in direct workers’ compensation premiums in the U.S. in 2014, making it the nation's fifth-largest workers' comp insurer, according to the National Association of Insurance Commissioners. It ranked No. 11 for all lines in the property and casualty insurance industry in 2014.