Amanda Blanc left Zurich earlier this week and as a result of her resignation she is to step down as chair of the ABI
By content director Saxon East
The breezy words of appreciation said little about what really happened.
Amanda Blanc’s efforts to improve customer services and drive innovation were appreciated, Zurich chief executive Mario Greco said following her exit.
But the reality is that there was a big personality clash between Blanc and her Italian boss.
There were things that she didn’t like about him and his approach to business.
They defied what she believed in so strongly, she took the initiative and simply walked out the door.
This is the polar opposite of her time at AXA. Blanc was given the freedom to really stamp her vision and strategy on AXA in the UK, and the relationship worked well.
Results improved and there was a renewed vigour in the workforce.
Zurich fall out
This is a blow to Greco, but not fatal.
The mandate for these big insurance chief executives is pretty clear: maintain the dividend at all costs, don’t let the share price drop too far and results can be steady, if unspectacular.
Greco is currently ticking those boxes, so unless things deteriorate, he can shake off this episode.
But this is certainly an embarrassment for the Swiss insurer and, Greco, in particular.
What does it say about their diversity and inclusion when the most prominent female leader in UK general insurance walks out the door just nine months later?
As for Blanc, her reputation remains largely intact. There are plenty of non-executive director roles out there in need of her skills. Private equity could also use her services as it looks to consolidate the UK market.
With so few brokers now able to move the dial for the consolidators, are we looking at a consolidation of consolidators with one of PIB, Aston Lark, GRP joining forces?
Ardonagh is still unfinished business, and if chief executive David Ross were to leave, Blanc would certainly be a contender.
The Amanda Blanc story is far from finished, but for Zurich there is a sour taste to this episode that will linger for some time. It can’t happen again.
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