The Life Protection Unit is set to spearhead the acceleration of protection growth within the company. Credit: Michael Derrer Fuchs/Shutterstock.

Zurich UK has appointed Drazen Jaksic as its new CEO, pending regulatory clearance, succeeding Tim Bailey. 

The move follows Bailey’s transition to the role of CEO for Zurich’s newly established global Life Protection business.  

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Jaksic, who is transitioning from his current role as CEO of Zurich Benelux, brings more than 30 years of experience in the insurance and finance sectors to his new position. 

Having joined the company in 2019, he held leadership roles such as global head of Accident & Health in Zurich’s Commercial Insurance business.  

His background also includes a stint as the senior vice-president of Accident & Health at Chubb Europe.  

Jaksic’s expertise spans property and casualty (P&C) as well as life insurance, equipping him with an understanding of broker, customer and regulatory needs. 

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Bailey will report to Zurich Global Ventures CEO Cara Morton. 

He was formerly the CEO of Zurich Australia’s Life & Investments business for four years and COO EMEA & Bank Distribution.  

Bailey commented: “Over the last four years, Zurich UK has grown significantly and strengthened its market position. I have been fortunate to lead an outstanding team, which I am leaving in Drazen’s excellent hands.” 

Jaksic said: “This is a fantastic opportunity for me to continue to advance our position in the UK market. I can’t wait to get started; it is clearly a very talented leadership team and a strong business unit.” 

The leadership changes are integral to Zurich’s overarching global strategy, which was detailed at this year’s Investor Day.  

The Life Protection Unit is set to spearhead the acceleration of protection growth within the company. 

Zurich has set ambitious targets for the coming years, aiming for a core return on equity exceeding 23% from 2025 to 2027.