August 8, 2018
Zurich Australia has announced it will retain a number of OnePath Life executives within its combined senior leadership team following the completion of the acquisition of insurer from ANZ.
The group released the details of the new Australian Life & Investments executive team which will continue to be headed by Chief Executive, Tim Bailey, who has led the division since 2015 and overseen the purchase of Macquarie Life and OnePath Life.
ANZ Managing Director, Insurance, Gavin Pearce will join Zurich as Chief Operating Officer, Life & Investments and ANZ Head of Corporate Affairs, Linda Griffin will move into a similar role at Zurich as Head of Customer and Corporate Affairs.
Zurich Chief Distribution Officer, Kristine Brooks will take on an expanded role by leading the Distribution and Marketing teams across both business lines, and Matt Drennan will continue as Head of Savings and Investments.
In keeping with previous announcements from Zurich that it would operate a dual proposition strategy and retain the OnePath products and brand in the retail market (see: Zurich to Retain OnePath Name and Products), OnePath Head of Life Insurance, Gerard Kerr will take on the role of Head of OnePath Propositions and Group Insurance, and Tim Howell will continue in his role as Head of Zurich Propositions.
ANZ Head of Wealth Solutions and Partnerships, Kieran Forde will also join Zurich as Head of Bancassurance and Direct and will oversee its strategic partnership with ANZ.
ANZ Wealth Head of Sales, Don Sillar will move on after eight years in the role but will continue as OnePath’s Head of Sales until the completion of the transaction.
Bailey said the new combined team accessed the wide range of experience found in the Zurich and OnePath businesses and “…the balance of the team also sends a powerful signal about our intention and capability to execute our dual proposition strategy”.
“We will continue to invest extensively in both the Zurich and OnePath brands and propositions, ensuring both advisers and customers can benefit from genuine choice and a superior customer experience,” Bailey added.
Zurich Australia Pacific Region Chief Executive, Jack Howell, said the senior leaders of both businesses were some of the most respected in the industry and “…upon completion of the acquisition, the newly combined business has an opportunity and a responsibility to take the local industry forward, investing and innovating to deliver ever better customer outcomes”.
Zurich stated the new combined management team would be formed after the completion of the transaction in March 2019 and until that time the existing leadership teams would remain in place at Zurich and ANZ Wealth, and both businesses would operate on a separate, business as usual basis until that time.