Summerhayes named Zurich chair
Zurich has hired former APRA member and climate change advocate Geoff Summerhayes to lead the board.
Summerhayes has extensive experience across the insurance, financial services and regulatory landscape, including as chief executive of Suncorp Life, regional general manager at National Australia Bank and chief executive officer of MLC superannuation and investments.
"I am delighted and honoured to take on this new role. Zurich occupies a unique position as a composite - life and general - insurer, and my focus as chair will be to continue to work with our executive team, led by chief executive Justin Delaney, as we evolve Zurich's proposition and operations for the benefit of our customers and employees," said Summerhayes.
As an APRA member, he oversaw the insurance sector.
He is well-known for raising the industry's awareness of climate and cyber risks.
Speaking of Zurich's commitment to achieving critical sustainability outcomes, the new chair said he looked forward to supporting the delivery of that agenda.
The Swiss insurance giant has committed to net-zero emissions by 2030 globally and to use 100 per cent renewable energy by the end of last year. It also claims that it will not underwrite or invest in companies that generate more than 30 per cent of their revenue from mining thermal coal, oil shale or oil sands without a serious transition plan.
Noel Condon and Mary Waldron will also join Zurich as independent non-executive directors.
Condon previously held senior management roles with American International Group, including as Australia's chief executive for nine years and served as a board member of AIG Australia, AIG New Zealand and the Insurance Council of Australia,
Waldron is a former partner at Arthur Andersen and Ernst & Young.
She spent 14 years at PwC where she was a member of their global leadership team and the global chief risk officer for three years.
Appointees will join the existing independent non-executive director, John Mulcahy.
The announcement follows the resignations of former chair, Paul Bedbrook, and non-executive director, Elaine Collins, effective 31 December 2022.
Meanwhile, Nicolette Rubinsztein has also been appointed as an independent non-executive director of Zurich Australian Insurance. This appointment is in addition to her existing directorships of other Zurich corporate entities.
