Zurich restructures APAC commercial business, appoints new leaders

Swiss insurer Zurich is restructuring its commercial business in Asia-Pacific, following the group’s decision to integrate its global corporate and commercial divisions.

The new Commercial Insurance business in APAC will be led by Chris Waterman.

Waterman, who also takes on the role of Head of Property, APAC, joined Zurich last year as chief underwriting officer, and had formerly been with AIG for close to a decade before that.

Zurich said the simplified structure provides a single point of entry for commercial customers as they look for an increasingly diverse range of products. The integration of the two business units is being implemented country-by-country.

Waterman will report to Zurich’s APAC chief executive Jack Howell and Jim Shea, chief executive of the Commercial Insurance business globally.

Zurich also said in its statement that the shift towards an increased product and underwriting focus led to the creation of defined leaders for casualty, specialty and property lines, who will each drive results partnering the commercial country heads.

The respective chief executives in APAC for Casualty and Specialty are Penny Seach, who was most recently AIG’s regional head of casualty and crisis management and Alex Morgan, currently chief underwriting officer commercial Japan for Zurich, who will relocate to Singapore and take up the new position from 3 April.

Meanwhile, Reg Peacock, currently head of commercial, Japan, will be appointed as chief executive of Zurich’s business in Singapore, subject to regulatory approval.

Once approved, Kazuhisa Otani, currently VP distribution for Japan Commercial, will take over leadership of the Japan Commercial team.