Schaumburg, IL — Zurich North America, a prominent provider of commercial property and casualty insurance solutions, has announced the appointment of James Bracken as its new Chief Financial Officer (CFO). Bracken will replace Peter Hirs, who will transition to Zurich Insurance Group in Switzerland as Group Head of Mergers & Acquisitions effective July 1.
Bracken brings over 25 years of experience in the financial services industry to Zurich North America. He most recently served as CEO of Fortitude Re, where he successfully established a Bermuda-based runoff reinsurance company with $75 billion in total assets. His career also includes a six-year tenure as CFO of AIG General Insurance and significant roles in global finance and audit at GE Insurance, GE Capital, and Arthur Andersen & Co.
In his new role, Bracken will oversee Actuarial, Financial Accounting and Reporting (FAR), Corporate Tax, Treasury, Planning and Performance Management, and Finance Operations at Zurich North America. He will report directly to Zurich North America CEO Kristof Terryn and will be a member of several key leadership teams, including the Zurich North America Executive Committee, the Zurich Group Leadership Team, the Zurich North America Leadership Team, and the Zurich Group Finance Executive Team. Bracken will be based at the company’s headquarters in Schaumburg, Illinois.
Peter Hirs, the outgoing CFO, will assume the role of Group Head of Mergers & Acquisitions at Zurich Insurance Group, a position previously held by Dalynn Hoch. Hirs has a distinguished history with Zurich, having held various regional CFO positions across Zurich Asia Pacific, Zurich Global Corporate North America, and Zurich Switzerland. He joined Zurich Group M&A in 2005 after a career in investment banking at Morgan Stanley and Credit Suisse. In his new role, Hirs will report to Group CFO Claudia Cordioli.
Kristof Terryn, CEO of Zurich North America, expressed confidence in Bracken’s appointment, stating, “James’ extensive leadership experience in insurance prepares him well to lead our Finance function and contribute meaningfully to our North American leadership team. His predecessor has paved the way for a smooth transition. I thank Peter for his strong stewardship during his tenure as our North America CFO and wish him continued success in his new Group role.”
Zurich North America continues to be a key division of Zurich Insurance Group, a global leader in the insurance industry, offering a comprehensive range of products and services including risk management, property-casualty insurance, and claims management.
