Zurich Insurance Group AG is Switzerland's biggest insurer. The company had sought to dispel concerns regarding Chairman Josef Ackermann's resignation. The executive quit the insurer after the suspected suicide of the company's CFO, Pierre Wauthier. The resignation also came after Ackermann was mentioned in the suicide note of Wauthier.
According to Zurich's CEO Martin Senn, "I want to make it crystal clear that there is no link between this news and Zurich's business and financial performance. We continue to be very profitable and we continue to generate very healthy cash flows. We have a strong and resilient balance sheet." Senn had a conference call with analysts today.
Senn's remarks got Zurich's shares increased for the first time this week. The company's shares plunged after a late announcement last August 26 that its CFO had been found dead. The incident erased around USD2.4 billion company market valued.
Ackermann's spokesperson Joerg Neef said that the executive won't give further statements following yesterday's resignation announcement.
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