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Zurich revamps leadership at loss-making general insurance unit

ZURICH, Oct (HKSE: 3366-OL.HK - news) 2 (Reuters) - Zurich Insurance (LSE: 0QP2.L - news) is shaking up the leadership of its unprofitable general insurance unit, after losses from a Chinese explosion and car policies in the United States prompted the company to abandon a takeover bid for a British rival.

Kristof Terryn, who formally replaced Michael Kerner as head of Zurich's main general insurance business on Thursday, named Nick Burnet as the unit's chief financial officer, a spokeswoman said on Friday.

Terryn also picked Alan Fairhead as the business's chief underwriting officer and Paul Horgan as head of the global corporate business in North America. All are company veterans.

It (Other OTC: ITGL - news) did not say who was previously in those roles or if they had departed the company.

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Zurich said on Sept. 21 that it was ditching its proposed 5.6 billion pound ($8.5 billion) bid for Britain's RSA Insurance (LSE: RSA.L - news) to focus on lifting its sagging performance.

"With these management changes, Kristof Terryn has made an important first step in bringing the general insurance business back on course," a Zurich spokeswoman said.

Zurich in September announced aggregate losses of around $275 million from the massive explosions at a container storage station in Tianjin in August. It also announced a likely negative impact of around $300 million in the third quarter for businesses including U.S (Other OTC: UBGXF - news) . auto liability.

Zurich, which expects a $200 million third-quarter operating loss in its general insurance business, plans to announce more details on its recovery plan when it releases its third-quarter results on Nov. 5. ($1 = 0.6600 pounds) (Reporting by Paul Arnold; Writing by John Miller; Editing by David Holmes)