What’s New: In brief (August 09, 2006)

Zurich North America Commercial, a unit of the Zurich Financial Services Group, will welcome Mike Foley of McKinsey & Co. to the position of chief operating officer as of Sept. 1. Foley’s responsibilities will include taking charge of all operating matters related to Zurich North America Commercial’s businesses and functions. Some such responsibilities will include delivering the insurers earning goals, managing the divisional performance and the operating review processes, and driving strategic initiatives. Currently, Foley leads McKinsey’s North American Property & Casualty insurance practice. Foley succeeds Frank Patalano, who is retiring on Dec. 31.

Mark Boucher is set to retire from Endurance Worldwide Insurance Ltd., a unit of Endurance Specialty Holdings Ltd., as chief executive officer on Jan. 1, 2007.According to a statement from the insurer, president and CEO of Endurance’s Bermuda-based operating subsidiary, Daniel Izard will take over as the interim CEO of the London unit until a replacement for Boucher is hired.

A new rebuilding accord will not prevent World Trade Center insurers Zurich American Insurance Co. and Employers Insurance of Wausau from paying their policies. However, commitments from five other insurers have not been solidified and this will slow down the reconstruction of the towers, according to New York Gov. George Pataki and New York City Mayor Michael Bloomberg. In a statement Bloomberg explained that it is integral for the WTC to be rebuilt quickly and that the country will not allow ” let hair-splitting legal arguments get in the way.” The five insurers who have not voiced their commitment include: Allianz Insurance Co.; Industrial Risk Insurers; Travelers Indemnity Co., part of St. Paul Travelers Cos. Inc.; Royal Indemnity Co., which is part of the Royal SunAlliance USA group, in turn owned by Royal & SunAlliance; and Gulf Insurance Co, according to Pataki.