Location: London
The opportunity:
Zurich Legacy Solutions (ZLS) is Zurich’s internal business unit and trusted business partner responsible for the strategic management, run-off and disposal of Zurich’s discontinued and under-performing non-core portfolios globally. Run-off portfolios under management with exposures of 4bn USD comprising of global property, casualty, commercial, disability, life, property & banking exposures in North America, Europe and Asia Pacific. ZLS have taken on 6 new portfolios & successfully disposed of 6 others in the last 10 years, mitigating risk, returning capital and realising significant economic value on legal completion, through local regulatory and court processes. ZLS is positioned to support the delivery of the Group’s strategy in managing non-core businesses for value and exiting underperforming businesses.
ZLS engages with relevant Business Units to develop strategic solutions to their legacy issues that will deliver accelerated capital redemptions while maximizing the economic benefit. The engagement model varies, and may or may not require the "on-boarding of portfolios" onto ZLS' Balance Sheet. It also includes the execution of transactions to dispose of portfolios; managing the longer term run-offs and future performance of a portfolio or legal entity; and advising other Zurich Business Units on exit strategies for underperforming portfolios.
Reporting to the Head of Group Treasurer and Capital Management, this is a high profile role within the business. The primary role of the incumbent is to develop and implement the work out strategy for ZLS’s diverse portfolio which includes giving regular updates and recommendations to Zurich’s senior committees, including the Group CFO and the Group Balance Sheet Committee. In addition the CEO will develop an internal pipeline of future legacy opportunities and advise local businesses on their legacy, restructuring and run-off options. ZLS has offices in London (the business unit’s headquarters), New York and Schaumburg (Illinois) and employs just under 40 FTE directly.
The successful candidate will be extremely practical, deeply experienced in a range of business and / or financial roles, commercially astute and able to cut through complexity. The CEO will be comfortable setting direction and generating momentum in a fast-paced and ambiguous environment with multiple stakeholders, geographically and commercially diverse portfolios and concurrent projects and deliverables. He / she must be used to working through others and able to navigate both internal and external stakeholders to get things done. A deep understanding of property and casualty (ie non-life) insurance together with life insurance is essential, and international experience would be an advantage.
What will you be doing?
- Work with the Group Treasurer to set the strategic direction of ZLS
- Lead and motivate the team across different geographical locations to achieve the targets set within the strategic business plan
- Provide management, direction and leadership to the restructuring teams to ensure that legacy contracts are settled in the most advantageous manner possible
- Led and managed the sell-side due diligence and M&A process on the disposal of run-off companies across the globe including preparation of Information Memoranda, tendering process, management of due diligence and negotiation of price.
- Wider responsibility for managing finality-focused litigation
- Responsible for the analysis of troubled portfolios recommending strategy and where appropriate implementation plan into ZLS including pricing, capital requirements and staffing
- Coordinate capital extraction planning between internal/external actuaries, regulators and the High Court to ensure no excess capital is trapped in the run-off function
- Be an ambassador for ZLS in the wider Zurich Group and external run-off market
What are we looking for?
- Qualified Accountant, Lawyer or Actuary
- Broad insurance industry experience (M&A / Run off Experience an advantage)
- Excellent knowledge and understanding of large corporate entities
- Knowledge of General & Life Insurance
- Knowledge of legal and regulatory issues affecting the business
- Driver of project and strategic management
- Must have a high level of financial literacy
- Detailed understanding of financial products and financial risk management
- Business acumen and intellectual resourcefulness
- Strong understanding of compliance and regulatory rules in order to ensure appropriate control frameworks for complying with procedures and policies, regulatory requirements and processes and controls (e.g. the Internal Control Framework)
- Commitment to corporate values.
- Provide guidance and mentoring for team members and direct reports.
- Commitment to personal development for self and others.
- Strong team player.
- Strong communication skills.
- Strong stakeholder management skills across various levels of the organisation.
- Act openly in the interest of the business.
- Work with all key stakeholders to identify the best solutions for the business.
- Able to gain the respect of colleagues.
- By example promotes the highest levels of ethical standards.
- Works at all times in accordance with group/company policy and processes e.g. Zurich Basics
As an inclusive employer, we want to ensure that all candidates feel comfortable and can perform at their best during the interview. You’ll have the opportunity to let us know of any reasonable adjustment or practical support needed when you apply.
What will you get in return?
Everyone’s different. That’s why at Zurich, we offer a wide range of employee benefits so our people can choose what fits them and their life. Our benefits provide real flexibility so our people can make considered choices and tailor their benefits throughout the year. Our benefits include 12% defined non-contributory pension scheme, annual company bonus, private medical insurance and the option to buy up to an additional 20 days or sell some of your holiday.
Follow the link for more information about our benefits - Employee benefits | Working at Zurich Insurance UK
What happens next?
As an inclusive employer we want to ensure that all candidates feel comfortable and are able to perform at their best during the interview. You’ll have the opportunity to let us know of any reasonable adjustment or practical support needed when you apply.
Who we are:
At Zurich we aspire to be one of the most responsible and impactful businesses in the world and the best global insurer. Together we’re creating a brighter future for our customers, our people and our planet.
With over 55,000 employees in more than 170 countries, you’ll feel the support of being part of a strong and stable company who are a long-standing player in the insurance industry.
We’ve made a promise to each other and every employee; to focus on sustainable impact, to care about each other’s wellbeing, to use our diverse expertise to be curious and optimistic and to develop the skills needed for our future.
If you're interested in working in a dynamic and challenging environment for a company that recognises and rewards your creativity, initiatives and contributions - then Zurich could be just the place for you. Be part of something great.
Our Culture:
At Zurich, our sense of community is strong and we’re particularly passionate about diversity and inclusion, which we’ve won numerous awards for. We want our people to bring the whole of themselves to work and ensure everybody is made to feel welcome, regardless of their background, beliefs or culture. We want our employees to reflect the diversity of our customers, and so are committed to treating all of our applicants fairly and with respect, irrespective of their actual or assumed background, disability or any other protected characteristic.
We’ve an environment that places a real importance on our people’s wellbeing from a physical, mental, social and financial perspective. We work with our wellbeing partners and industry experts to provide the best advice and access to a wealth of lifestyle support. We’re also committed to continuous improvement, and we offer access to a comprehensive range of training and development opportunities.
We’re passionate about supporting employees to help others by getting involved in volunteering, charitable and community activity. Our charitable arm, Zurich Community Trust, is one of the longest-established corporate trusts in the UK. In that time, we’ve awarded grants and volunteered time to deserving causes in the UK valued at over £90 million.
So make a difference. Be challenged. Be inspired. Be supported, Love what you do. Work for us.
