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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.

The decision to exit general insurance in the region follows a company-wide strategic review.

The port explosions at Tianjin is the fourth most costly man-made disaster ever for the industry, according to Swiss Re.

Zurich is also seeking to simplify its organizational structure.

Zurich Insurance Group AG would rather invest the companys $3 billion in excess capital on acquisitions than return the cash directly to shareholders.

Swiss Re AG booked $250 million in losses from the August chemical warehouse explosions in the Chinese city of Tianjin, its biggest payout in a quarter that saw profit rise 13 percent.