Zurich streamlines North American operations
Schaumburg, Ill., April 11, 2008 – Zurich is positioning itself for continued leadership in the North American marketplace. Today, Zurich North America Commercial (NAC) announced steps it is taking to proactively manage its cost structure. It will capture efficiencies in targeted areas, while continuing to invest to deliver distinctive customer service and drive profitable growth. NAC will reduce approximately 400 positions or four percent of the staff that support the business division, primarily in non-market-facing roles.
“Zurich is committed to winning in the North American market,” said Mike Foley, CEO of NAC. “Our industry-leading approach – particularly in areas of underwriting, claims and risk engineering – is a crucial contributor to our success. We are focused on delivering an even stronger experience to our customers and distributors, while maintaining our underwriting discipline and reducing expenses in targeted areas. The positions eliminated were primarily non-market-facing roles to ensure our actions will not disrupt customer service.”
These actions are part of a broader program designed to enable continued profitable growth while also improving the company’s expense structure over time. This will position NAC to continue delivering the strong results it has achieved during the past several years.
“We will continue to invest in underwriting and claims capabilities, as well as enhanced systems and tools,” Foley continued. “Our operational transformation is an ongoing effort to improve our operating model. We will become more efficient while we invest in areas that will help us pursue new markets and business opportunities, and deliver even greater value to our customers and distributors.”
About Zurich Financial Services
Zurich Financial Services Group (Zurich) is an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe as well as in Asia Pacific, Latin America and other markets. Founded in 1872, the Group is headquartered in Zurich, Switzerland. It employs approximately 60,000 people serving customers in more than 170 countries. In North America, Zurich (www.zurichna.com) is a leading commercial property-casualty insurance provider serving the global corporate, large corporate, middle market, small business, specialties and programs sectors.
Keith Owens, Zurich