Cover-More CEO Hanno Mijer has departed the travel insurer to become Head of Commercial Insurance Services at parent group Zurich.

Mr Mijer will step into the newly established role from July, reporting to Commercial Insurance CEO James Shea, and will move back to Switzerland by the start of September.

He has held the top role since he relocated from Zurich to Sydney in September 2018 after the Swiss insurer acquired Cover-More the previous year.

Cover-More COO Cara Morton will replace him as interim CEO with immediate effect.

Cover-More retrenched 10% of its 2300-strong workforce last month in a bid to stave off the financial fallout from the COVID-19 pandemic, which has virtually grounded global travel demand.

Zurich’s APAC CEO Jack Howell today confirmed Cover-More remains a highly valued business within Zurich’s global operations and praised its “entrepreneurial mindset.”

Zurich told insuranceNEWS.com.au today that Commercial Insurance Services is a new unit dedicated to providing risk insights and support to customers as well as Zurich’s global underwriting community.

Cover-More has operations in 22 countries and holds a dominant 30.7% share of the $1.2 billion Australian travel insurance market by revenue. Close to 10% of Cover-More workers globally have been stood down and the hours of remaining employees cut.

Ms Morton was formerly QBE’s group head of operations, reporting directly to the group CEO, and also spent more than 20 years at Accenture in senior roles.