Global insurer Zurich has appointed Gary Shaughnessy as CEO of its Swindon-based UK Life business with effect from June.
Gary joins from Fidelity Worldwide Investment where he has been managing director, UK Defined Contribution and Retail Business, since 2008. His appointment has been approved by the FSA.
He will report to David Sims who, in addition to being CEO Zurich Global Life in Europe, has been interim CEO for Zurich’s UK Life business since Michael Brennan retired last August.
David said: “Gary brings with him a wealth of experience which will allow him to build on the success of the UK Life business, and is perfectly placed to lead the business as we move forwards with our platforms.”
In his current role Gary is responsible for Fidelity's retail funds and Investment Trust business, including IFA, banks and wholesale distribution; FundsNetwork, the UK’s third-largest investment platform; the Defined Contribution and workplace business; and the direct to consumer arm, with 250,000 customers.
He is also a member of Fidelity's Global Operating Committee. Gary, 46, has also worked in senior roles at Prudential UK and M&G Investments.
“This is a time of enormous change for UK consumers, intermediaries and employers, with increased regulation, personal tax complexity and the transfer of health and retirement responsibility onto the individual all taking place at the same time,” he said
“These changes provide both a challenge and an opportunity for the financial services industry and I've been extremely impressed by Zurich's ambition to lead the re-shaping of financial services in the UK."
Gary’s background is in marketing and distribution, with previous roles spanning the broad financial services market at AXA, the Automobile Association and the Bank of Scotland.
He has also sat on a number of industry bodies and held external company memberships including being a director of China Special Situations PLC.
