After months of uncertainty, Europe’s third-largest insurer, Zurich Financial Services, has given the CEO’s job to American Jim Schiro.

Mr Schiro was previously CEO of PricewaterhouseCoopers. He joined Zurich in March as one of two chief operating officers, with responsibility for finance.

Zurich has been vulnerable ever since investors started losing confidence in Rolf Huppi, the previous Chairman and CEO.  Mr Schiro is said to have little insurance experience but this doesn’t seem to worry major investors. Zurich’s share price initially gained around 2% with the news that he will take over.

Company insiders are also optimistic about Mr Schiro’s abilities. “Jim Schiro joined Zurich two months ago, so practically he is an outsider,” company spokeswoman Stella Zeco said. “But he had the opportunity to take a look at Zurich, so he is half insider and half outsider. He has both perspectives.”