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Zurich is merging its biggest units, global life and general insurance, and reorganizing along geographical lines.

Martin Senn, the Zurich Insurance Group AG chief executive officer who stepped down in a December reshuffle, has committed suicide. He was 59.

Shares of Zurich Insurance Group AG headed for the biggest gain in more than four years after Switzerlands biggest insurer posted a first-quarter profit that beat analyst expectations.

Chairman Tom de Swaan, who served as acting CEO before Greco arrived, said Zurich is on track to achieve its cost-cutting targets.

New Zurich Insurance CEO Mario Greco tells staff the company needs a clear and simple strategy to rebuild investor confidence as it tries to turn around its struggling general insurance unit.

Zurich, Switzerlands biggest insurer, reported a fourth-quarter loss after damage claims ranging from the Tianjin disaster in China to storms in the U.K. and Ireland.

Zurich is prepared to shrink some of its businesses after being caught off guard by the scale of claims it had to absorb last year, according to Cecilia Reyes, the companys chief risk officer.

Mario Greco, 56, will start on May 1, with the task of turning around the company after losses in its general insurance business forced it to abandon a high-profile takeover.