I think it is more that things are going good and egos say bigger is better. Then later they divest. But the CEO gets a severance of several hundred million.
…Zurich’s top executives have already signaled that the firm won’t prove an easy conquest. Greco last month said M&A activity “is not really a priority” because the challenges and opportunities stemming from technological change can’t be addressed by combining businesses. “Consolidation doesn’t solve the issues,” Greco said in a Bloomberg TV interview. “The size of the company doesn’t really matter.”….
Mr. Greco, you certainly would know about technological challenges at Zurich. The bureaucratic and political cesspool at Zurich does not lend itself to solving the myriad of system and technology issues at your company. Morale was and remains terrible with the rank and file. Outsourcing all technology development to $9/hr India programmers who don’t know a lick about insurance also adds to your problems.
If I were Allianz, I would steer clear of that mess of a company.
So much for the era of mega insurance mergers being over because the economy is so good. I guess it ain’t that good.
I think it is more that things are going good and egos say bigger is better. Then later they divest. But the CEO gets a severance of several hundred million.
…Zurich’s top executives have already signaled that the firm won’t prove an easy conquest. Greco last month said M&A activity “is not really a priority” because the challenges and opportunities stemming from technological change can’t be addressed by combining businesses. “Consolidation doesn’t solve the issues,” Greco said in a Bloomberg TV interview. “The size of the company doesn’t really matter.”….
Mr. Greco, you certainly would know about technological challenges at Zurich. The bureaucratic and political cesspool at Zurich does not lend itself to solving the myriad of system and technology issues at your company. Morale was and remains terrible with the rank and file. Outsourcing all technology development to $9/hr India programmers who don’t know a lick about insurance also adds to your problems.
If I were Allianz, I would steer clear of that mess of a company.
-Former ZNA Employee