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Zurich puts to work excess cash left over from a separate takeover bid that it abandoned this year.

Zurich Insurance Group AG, Switzerlands biggest insurer, is increasing job cuts and relocations to a total of at least 1,800 as the company reduces costs and overhauls its biggest unit.

Switzerlands biggest insurer said it is looking for an entrepreneurial outsider with deep experience in the industry to replace Martin Senn, who stepped down Tuesday after six years as CEO.

News from QBE, Heidrick & Struggles, Zurich Insurance and more.

Zurich has arranged $8.4 billion in financing for the takeover of smaller rival RSA Insurance Group Plc, according to people with knowledge of the plan, signaling the Swiss insurer is getting closer to proceeding with a formal offer.

Zurich announced that Kristof Terryn, currently CEO of Global Life, will take over as CEO of General Insurance, effective October 1, 2015.

RSA Insurance Group Plc rose in London trading after Switzerlands Zurich Insurance Group AG proposed to buy the company for about 5.6 billion pounds ($8.8 billion).

With Zurich Insurance Group AG on the verge of pursuing its biggest acquisition in more than a decade, Europe is poised to add to the consolidation that is sweeping the industry globally.