A restructure of Zurich’s UK life business will see chief executive Gary Shaughnessy become interim head of retail and chief growth officer David Etherington leave the company.
Zurich will split along three lines: a corporate division housing the insurer’s corporate savings and corporate risk units, a retail division made up of Zurich’s life, pensions and investment proposition and retail platform, and an in-force division overseeing Zurich’s existing proposition and pre-RDR products.
Head of corporate savings Simon Foster will lead the corporate division, while Shaughnessy (pictured) will lead the retail division on an interim basis until a successor is appointed.
Head of in-force management Alastair Beveridge will continue in his current role.
A new head of propositions role has also been created, which will be assumed by head of protection proposition Peter Hamilton on an interim basis.
Intermediary sales director Richard Howells will remain on the executive team, but will report to the new head of retail.
Chief growth officer David Etherington has decided to step down after nine years with the company. He is not being replaced but will stay with Zurich until the retail platform is launched later this year.
The new structure will take effect from July 31.
Shaughnessy, who joined as chief executive in June from Fidelity, says: “In a competitive market it is essential we align our business in the right way.
“By-re-shaping our business, we are ensuring we are well placed to drive strong and profitable growth across the company whilst at the same time delivering for our customers and our people in a post RDR world.”