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During Greco’s tenure at Generali, he cut costs, revamped businesses, reduced debt and sold units to focus on the company’s main business. (Photo: Zurich)

(Bloomberg) – Zurich Insurance AG’s new chief executive officer, Mario Greco, is shaking up the largest Swiss insurer after an unexpected jump in claims last year forced it to abandon a takeover and prompted his predecessor’s exit.

Zurich is merging its biggest units, global life and general insurance, and reorganizing along geographical lines. The four regional heads —  for Europe, the Middle East and Africa, North America, Latin America and Asia Pacific — will report directly to Greco. The company’s business with its global corporate clients with remain in a separate division.

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