Former Zurich chief executive Martin Senn commits suicide

 
Mark Sands
Follow Mark
SWITZERLAND-INSURANCE-RESULTS
Former Zurich insurance chief executive Martin Senn has committed suicide, the firm announced today. (Source: Getty)

Former Zurich Insurance chief executive Martin Senn has committed suicide, five months after he left the Swiss insurer.

In a statement, Zurich said that Senn took his own life on Friday.

“With the passing of Martin, we lose not only a highly valued former CEO and colleague but also a close friend. Our thoughts are with his bereaved family and friends, to whom we extend our deepest sympathies,” the firm said.

Senn's death comes three years after the suicide of former Zurich chief financial officer Pierre Wauthier.

Wauthier's 2013 death sparked an internal probe at the insurer, following the discovery of a note which blamed former Zurich chairman Josef Ackermann for creating an unbearably stressful working environment.

However, the investigation, conducted under the supervision of the Swiss regulator, later cleared Zurich's leaders of placing too much pressure on the former CFO.

Senn departed Zurich in December, after almost ten years at the business, and five as chief executive.

He joined the business as chief investment officer in 2006, but faced pressure after the firm reported a 79 per cent drop in net profits for the three months to the end of September 2015, while the firm's planned acquisition of RSA insurance group also stalled.

Senn was replaced by former Assicurazioni Generali chief executive Mario Greco in January.

Related articles