Zurich Forms ‘Direct Business’ Unit

Zurich Financial Services Group has established a new business unit for its direct business in Europe effective July 1, 2007. Called quite plainly “Direct Business,” the new unit will be part of Zurich’s Europe General Insurance (EGI) business division and will “bring all existing personal and small commercial direct insurance operations in Europe under one management structure,” said the announcement. “This new structure allows it to serve customers with partners on a real European scale.”

Theo Bouts, 48 – a Dutch citizen – will head the new operation as CEO. He has been the COO of EGI since June 2005, and has “driven the progression of Zurich’s local direct insurance businesses in Europe towards a pan-European insurance platform.” Henceforth Bouts will “concentrate on further strengthening this important distribution channel.”

EGI CEO Annette Court noted that Zurich remains “firmly committed to agent and broker channels,” but has also taken note of increasing requests from its customers, who “wish to buy insurance through the internet or a call center. The establishment of the new Direct Business Unit will ensure that we can capitalize on the exponential growth opportunities this fast growing distribution channel offers across Europe, and ensure that our customer can buy our products and services through whichever distribution channel they prefer.”

Claudia Dill, 41 – a Swiss citizen – who is currently CFO Europe, will succeed Bouts as COO effective July 1, 2007. Since joining Zurich in 1999, she has held various Group positions at Zurich including CFO of Group Reinsurance before becoming CFO Europe in 2003.

Stefan Mäder, 44 – also a Swiss citizen – will in turn succeed Dill as CFO Europe also effective July 1, 2007. He has been serving as CFO for Zurich Switzerland since 2004. His successor at Zurich Switzerland will be announced shortly.