The insurer Zurich in trouble

The suicide of Pierre Wauthier, chief financial officer Zurich Group last August 23, has plunged the Swiss insurer into turmoil. Confronted with the letter of the deceased explaining his action, Chairman Josef Ackermann resigned, to everyone’s surprise, a few days later at a time when the Swiss company is going through difficult times. The American and German subsidiaries are also raising serious concerns. The group has undergone several difficult quarters with a declining profitability.