High-profile senior managers at Zurich Financial Services have chosen to take redundancy packages under a restructure announced by the company yesterday that will see up to 45 other positions also affected.

Head of Commercial Distribution Anthony Pagano and Head of Customer and Product Proposition Nick Cook have decided to leave the company after their positions were affected by the restructure.

insuranceNEWS.com.au understands the highly regarded executives’ decision to leave Zurich was not factored into Zurich’s restructure plans, under which state-focused commercial service delivery teams will be formed in the Zurich Underwriting Centre (ZUC) in North Sydney.

A company spokesman confirmed to insuranceNEWS.com.au this morning that “around 45 positions” will be cut from the North Sydney head office and state offices over the next six months. 

However, she says these will be offset by around 35-40 new roles in the underwriting centre and head office.

In a statement released to the industry late yesterday, CEO Daniel Fogarty says the restructure “will necessitate a rebalancing of roles between state and ZUC over the next six months. Redeployment opportunities and relocation are available.

“This structure will provide the right level of resources in the right areas. We remain committed to our state presence and this development will provide two teams working together for each state.”

Mr Fogarty told insuranceNEWS.com.au Zurich “wholeheartedly recognises the significant contribution both Anthony and Nick have made over many years”.

“They have been valuable members of the team and we wish them every success personally and professionally in the direction they wish to take their lives.”

More details in our regular bulletin on Monday.