Zurich global Chairman and CEO Rolf Huppi has been criticised by an internal report that claims he is responsible for leaving the company uncomfortably exposed to September 11 and US asbestos claims, as well as depressed stock prices.

Britain’s Insurance Times quoted a source “close to the company”, who said the report accuses Huppi of raiding company funds four years ago to buy US insurer Eagle Star – and failing to replenish them in sufficient amounts to easily deal with big claims. As a result, “borderline” funds have had to be implemented, the source said.

Mr Huppi has agreed to step down as CEO, although his chairmanship is not affected. But analysts have expressed concern that the company hasn’t yet made clear what its succession plan might be, and questioned whether anyone could work in – or would want – the CEO’s role while the allegedly autocratic Mr Huppi has the ability to look over their shoulder.