Zurich North America, a leading provider of commercial property and casualty insurance solutions and services, has appointed James Bracken as its new Chief Financial Officer (CFO).
Bracken succeeds Peter Hirs, who will return to Zurich Insurance Group in Switzerland as Group Head of Mergers & Acquisitions, effective July 1.
Zurich North America offers a wide range of insurance products and services, including risk management, property-casualty insurance, and claims management.
The company is a key division of Zurich Insurance Group, a global leader in the insurance industry.
Bracken brings over 25 years of experience in financial services to his new role at Zurich North America.
He previously served as CEO of Fortitude Re, where he established a Bermuda-based runoff reinsurance company with $75bn in total assets.
Prior to that, he was the CFO of AIG General Insurance for six years. Bracken’s extensive career also includes roles in global finance and audit at GE Insurance, GE Capital, and Arthur Andersen & Co.
In his new role as Zurich North America CFO, Bracken will oversee Actuarial, Financial Accounting and Reporting (FAR), Corporate Tax, Treasury, Planning and Performance Management, and Finance Operations.
He will report to Zurich North America CEO Kristof Terryn and will be part 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.
Bracken will be based at Zurich North America’s headquarters in Schaumburg, Illinois.
Hirs will transition to the role of Group Head of Mergers & Acquisitions at Zurich Insurance Group, a position previously held by Dalynn Hoch.
He has a rich background with Zurich, having served in various regional CFO roles across Zurich Asia Pacific, Zurich Global Corporate North America, and Zurich Switzerland. Hirs joined Zurich Group M&A in 2005 after a career in investment banking at Morgan Stanley and Credit Suisse. In his new role, he will report to Group CFO Claudia Cordioli.
Zurich North America CEO Kristof Terryn, stated, “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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