Former AIG/ Fortitude Re veteran joins Zurich’s top ranks

Zurich Insurance Group has reshuffled its finance and M&A leadership by bringing on board the former CEO of Fortitude Re and the CFO of AIG General Insurance to strengthen its top ranks in North America.

The changes will see its North American chief financial officer transition to lead group mergers & acquisitions (M&A) in Switzerland. 

James Bracken  (pictured left)has been appointed new CFO of Zurich North America, succeeding Peter Hirs (pictured right), who is moving back to Switzerland. 

Hirs will become group head of mergers & acquisitions. Hirs’ new role was previously held by Dalynn Hoch, who recently rejoined Zurich North America to lead the RCIS crop insurance business. Hirs will report to group CFO Claudia Cordioli.

In Bracken’s new role, he will oversee actuarial, financial accounting and reporting (FAR), corporate tax, treasury, planning and performance management, and finance operations. 

He will report to Kristof Terryn, Zurich North America chief executive officer. Bracken will also be a member of the Zurich North America executive committee, the Zurich group leadership team, the Zurich North America leadership team and the Zurich Group finance executive team. He will be based at Zurich North America's headquarters in Schaumburg, Illinois.

Bracken has more than 25 years of financial services experience. He previously served as chief executive officer at Fortitude Re. Prior to that, he was CFO at AIG General Insurance. During four years as Fortitude Re's CEO, Bracken built a Bermuda-based runoff reinsurance company with $75 billion in total assets, claims the company. Bracken also worked in global finance and audit at GE Insurance, GE Capital and Arthur Andersen & Co. 

Hirs previously held regional CFO roles in Zurich Asia Pacific, Zurich global corporate North America and Zurich Switzerland. He joined Zurich group M&A in 2005 after several years in investment banking at Morgan Stanley and Credit Suisse. 

Terryn said: “James' extensive leadership experience in insurance prepares him well to lead our Finance function and contribute meaningfully on our North American leadership team. His predecessor paves the way for a smooth transition. I thank Peter for his strong stewardship throughout his 4+ years as our North America CFO, and I wish him continued success as we continue to work with him in his new Group role.”

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