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.
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.
Zurich fell to the lowest in more than three years after Switzerlands biggest insurer put shareholders on notice that it expects a second straight quarterly loss in its general insurance business.