Zurich North America Commercial launches new U.S. business, names Vincent Tizzio president
Schaumburg, Ill., April 1, 2008 – Zurich North America Commercial announced today the creation of a new business focused on providing solutions to meet the needs of commercial insurance customers that fall between the traditional small commercial and middle markets business segments.
“There is a large segment of customers in today’s marketplace that can be served better through an improved operating model,” said Mike Foley, CEO of Zurich North America Commercial. “These customers either require a broader range of products and services or have risk characteristics that are not fully served through the ‘fast flow’ underwriting model in which they are frequently placed.”
Zurich sees an opportunity to better serve this segment by leveraging its disciplined transactional underwriting, broad product line and deep industry experience in conjunction with a new, streamlined operating model. By adapting elements of Zurich’s traditional middle markets approach to deliver them in a simpler, more efficient manner, Zurich will bring a distinctive market offering for this customer segment. The new model will emphasize ease of doing business while remaining flexible enough to enable individual risk assessment decisions. Zurich’s full complement of customer services – including a full-range of leading claims capabilities, and its broad range of standard P&C and specialty lines – make the insurer uniquely positioned to serve this important customer segment.
Vincent C. Tizzio has joined Zurich as president of this new unit. Tizzio comes to Zurich from the American International Group, Inc., where he most recently served as president of AIG Small Business. “Vince has extensive experience in the commercial lines industry and a proven track record in building and growing businesses,” said Foley. “He will be a great addition to the North America Commercial leadership team.” Tizzio is based in New York and will report to Foley.
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