Zurich Financial Services Australia has announced the appointment of former APRA Executive Board Member, Geoff Summerhayes, as its new Chair.
Summerhayes was a key player at the authority in initiating APRA’s IP intervention (see: APRA Cracks Whip to Stem DII Losses).
Zurich says that Summerhayes has extensive experience across the insurance, financial services and regulatory landscape, including his role at APRA, and as Chief Executive Officer of Suncorp Life, Regional General Manager at National Australia Bank and Chief Executive Officer of MLC Superannuation and Investments.
Effective 1 January 2023, Summerhayes will also Chair Zurich’s other related corporate entities. He has previously served as an independent non-executive Director on each of these boards since January 2022.
Summerhayes says he is delighted and honoured to take on this new role, noting that Zurich occupies a “…unique position as a composite – life and general – insurer and my focus as Chair will be to continue to work with our executive team, led by Chief Executive Justin Delaney, as we evolve Zurich’s proposition and operations for the benefit of our customers and employees.”
He adds he is particularly proud of Zurich’s commitment, both globally and locally, to achieving critical sustainability outcomes and he looks forward to supporting the delivery of this agenda.
Further appointments
The insurer has also appointed Noel Condon and Mary Waldron as independent non-executive Directors of Zurich in addition to its other related corporate entities, effective 1 January 2023.
Nicolette Rubinsztein has also been appointed as an independent non-executive Director of Zurich Australian Insurance Limited, in addition to her existing directorships of other Zurich corporate entities.
Zurich says Condon has more than 40 years’ experience across insurance and reinsurance markets in the Asia-Pacific and Europe. He has previously held senior management roles with AIG, including as Australia Chief Executive for nine years and served as a board member of AIG Australia, AIG New Zealand and the Insurance Council of Australia (ICA).
Waldron has more than 30 years’ of experience in audit, risk and consulting as a former Partner at Arthur Andersen and Ernst & Young. She spent 14 years at PricewaterhouseCoopers where she was a member of its Global Leadership team and the Global Chief Risk Officer from 2016 to 2021.
The insurer says the appointees will join existing independent non-executive Director, John Mulcahy. The announcement follows the resignations of former Chair, Paul Bedbrook, and non-executive Director, Elaine Collins, effective 31 December 2022.
