Zurich Insurance Company (ZIC) has appointed Maroun Mourad as the CEO of its new General Insurance (GI) division in the Middle East.
In his new role, Mourad will be responsible for all GI operations in the Gulf Cooperation Council States and Lebanon. He will report to Saad Mered, CEO of Middle East and Africa.
Mourad will lead the integration of the recently acquired Compagnie Libanaise dAssurances, a privately owned Lebanese insurer with branch operations in the United Arab Emirates (UAE), Kuwait and Oman.
Mourad will join ZIC from Chedid Capital where he was a director, having previously moved to Dubai in 2008 to take up a position as chief operating officer for Gulf Reinsurance, a start up reinsurance company based in the Dubai International Financial Center.
Prior to that, he worked for AIG where he was a financial lines manager and chief operating officer with profit center responsibility for Continental Europe.
Mered said that with many analysts predicting that the local insurance market could double in the near future, the Middle East holds huge potential for Zurich.
"Maroun’s appointment will help us to consolidate and develop our position following the recent acquisition of Compagnie Libanaise d’Assurances SAL. We have significant investment plans for the region over the next few years as we look to grow our distribution network, product portfolio and service capabilities," Mered said.