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Zurich Insurance Group names new execs for UK business, to cut 240 jobs

After restructuring its U.K. business in 2016, Zurich Insurance Group Ltd. on Jan. 19 named new divisional heads to its U.K. executive team and said it would cut about 240 jobs.

The jobs are expected to be cut primarily from back office operations in finance, operations and marketing, Zurich said, adding that the changes are largely the result of the combination of its life and general insurance businesses and the consequent elimination of overlapping roles.

Meanwhile, Zurich named Vinicio Cellerini to lead a commercial insurance unit bringing together its former commercial broker and global corporate U.K. business. Conor Brennan will serve as head of a newly created retail general insurance unit, which incorporates the personal lines and small- and medium-sized enterprise businesses, as well as specialist products.

In the life insurance business, Anne Torry, head of life with regulatory responsibility for the life legal entities, will work additionally with U.K. CEO Tulsi Naidu "to reshape the U.K. business," the group said. David White was named head of life distribution, and Jim Sykes was named head of life manufacturing, with responsibility for product management and post-sales customer service, among other duties.

Naidu was appointed CEO of the U.K. business in November 2016.

Zurich operates in the U.K. through entities including Zurich Assurance Ltd.