Swiss Re Ltd. Chief Financial Officer George Quinn will leave the world’s second-biggest reinsurer at the end of April to join Zurich Insurance Group in a similar position.
Zurich Insurance, Switzerland’s biggest insurer, has been seeking a CFO since the suicide of Pierre Wauthier in August. Vibhu Sharma has been filling the position on an interim basis.
“It is a sensible career move,” said Stefan Schuermann, a Zurich-based analyst with Vontobel Holding AG. “He brings experience that Zurich Insurance needs at this stage, so it is good news.”
Quinn, 47, joined Swiss Re in 1999 as chief accounting officer, becoming CFO in 2007. The board “very much regrets” Quinn’s decision to leave the company, Chairman Walter Kielholz said in a statement.
Wauthier’s suicide prompted Chairman Josef Ackermann to resign, while the company said in November no undue pressure was exerted on Wauthier. The insurer lowered its profit goal on Dec. 5 as Chief Executive Officer Martin Senn signaled he’s ready to sell some businesses to bolster earnings.
A year after Quinn was made CFO, the company reported record losses from the sales and trading of securities leading to a 3 billion-franc ($3.4 billion) cash injection from Warren Buffett, which the company agreed to repay in 2010.