Changes to Zurich’s Group Executive Committee

Changes to Zurich’s Group Executive Committee

Changes to Zurich’s Group Executive Committee

The FINANCIAL -- After almost 20 years of highly successful work at Zurich, nearly 14 of which were as a member of the Group Executive Committee, Axel P. Lehmann, Chief Risk Officer and Regional Chairman of Europe, Middle East and Africa, has decided to pursue new opportunities outside of Zurich. He will leave the company by the end of this year.

Cecilia Reyes, currently Chief Investment Officer and Regional Chairman of Asia Pacific, will assume the role of Chief Risk Officer effective July 1, 2015. She has been Chief Investment Officer and a member of the Group Executive Committee since 2010. In April 2015, Cecilia Reyes assumed additional responsibility as Regional Chairman of Asia Pacific, a role that she will keep. Axel Lehmann will remain Regional Chairman of Europe, Middle East and Africa, Chairman of the Board of Directors of Farmers Group, Inc. and of Zurich Insurance plc (Ireland), until a successor for each of these roles has been appointed, according to Zurich.

Urban Angehrn (50, Swiss citizen), currently Head of Alternative Investments, will succeed Cecilia Reyes as Chief Investment Officer and has been appointed a member of the Group Executive Committee effective July 1, 2015. He joined Zurich in 2007 as Regional Investment Manager for Europe. Before he was appointed to his current role, he was Head of Strategy Implementation in Investment Management from 2010 until 2012.

Martin Senn, Zurich’s Chief Executive Officer, said: “I would like to thank Axel Lehmann for his dedicated and outstanding service to Zurich in the last 20 years. As a longstanding member of the Group Executive Committee he helped to shape the company as we know it today. While I deeply regret his departure, I wish him all the best for the future.”

“I am delighted that Cecilia Reyes will become our new Chief Risk Officer. Cecilia has very successfully managed our USD 200 billion investment portfolio in times of market volatility and declining interest rates. Her in-depth knowledge of Zurich and her leadership position her well for this new role.”

“It is my pleasure to welcome Urban Angehrn to our Group Executive Committee. His profound knowledge of the capital markets and Zurich’s investment management approach make him the perfect match for this position. Urban’s appointment is also a proof point for our strong internal talent pipeline. I wish him all the best in his new role and look forward to working with him.”