The Australian Prudential Regulation Authority (APRA) says former Zurich Australian Insurance manager Richard Mayo has accepted an enforceable undertaking in relation to “certain transactions” conducted in 2000 while he was with Zurich.

Under the terms of the undertaking Mr Mayo may not work as a senior manager or director of a general insurer for five years, or act as an approved actuary for 10 years. In signing the undertaking, Mr Mayo has not admitted any wrongdoing.

APRA is conducting a report into certain activities of Zurich. It says it will consider appropriate follow-up action in relation to other parties.

CEO John Butler resigned from the company after the reinsurance investigations were announced a few months ago. He has since been replaced by Tom Brown.