Zurich’s Asia-Pacific commercial insurance business will be led by Chris Waterman as part of the company’s shift to a simplified structure.

Mr Waterman, who joined Zurich as commercial chief underwriting officer for the region last year, reports to Asia-Pacific CEO Jack Howell and global Commercial Insurance CEO Jim Shea.

The restructure does not affect the group’s Australian operation for now.

“At this stage we are still working through the proposed organisation design for Australia and we will provide an update at the appropriate time,” a spokesman told insuranceNEWS.com.au.

Zurich announced last September it will merge its commercial and global corporate operations worldwide. Integration is taking place on a country-by-country basis.

Mr Waterman also becomes Head of Property for the region.

Penny Search becomes Head of Casualty Asia-Pacific after joining the company on February 6 from AIG, where she was head of casualty and crisis management.

Alex Morgan, currently Chief Underwriting Officer Commercial Japan, will relocate to Singapore to become Head of Specialty, effective April 3.

“This simpler structure provides our customers with a streamlined, tailored offering and brings the clarity of focus needed to target Zurich’s global resources at the most important opportunities in Asia-Pacific,” Mr Howell said.

Reg Peacock, currently Head of Commercial Japan, will lead the Singapore business, subject to regulatory approval.