Zurich bolsters board of directors to drive insurtech innovation

Zurich Insurance Group has proposed to elect two new executives - Michael Halbherr and Barry Stowe - to the group’s board of directors at its upcoming annual general meeting.

Michel Liès, chairman of the board at Zurich, said the new additions "will support strategic leadership for Zurich on its path to drive innovation in the insurance industry”.

Halbherr works as an investor, board member and advisor for aspiring technology companies. Until 2014 he was executive vice president, CEO of the HERE Business Unit, Nokia Corporation. Prior to that he was CEO of gate5, a Berlin-based mobile phone software startup which he sold to Nokia in 2006. He held management positions in various companies including the Boston Consulting Group.

Stowe was most recently chairman and CEO of Jackson Holdings and member of the group executive committee at Prudential. Prior to that, he served as CEO Asia for Prudential. He has also held various leadership roles at American International Group, Pan American Life Insurance and Willis Corroon.

Liès said: "We are delighted that Michael Halbherr and Barry Stowe have accepted our nomination to join the board of directors. Michael Halbherr is widely recognized as an expert in areas of technology and innovation. Barry Stowe brings extensive business experience and knowledge gained through executive roles in the insurance industry in North America and Asia. Our board will benefit from these additions, which will support strategic leadership for Zurich on its path to drive innovation in the insurance industry.”

The company has also announced its 2018 financial results, wherein its net income before income taxes fell slightly to $5.11 billion in 2018 from $5.12 billion in 2017. However, the consolidated results showed net written premiums and policy fees rose to $41.2 billion in 2018 up from $41.1 billion a year earlier. Zurich’s group CEO Mario Greco stated that he is confident in the company’s performance.

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