Mario Greco, chief executive officer of Zurich Insurance Group, has reaffirmed his confidence in London as a strategic hub for global business, emphasizing the city’s advantages in skills, openness, and time-zone positioning. Greco, an Italian-born executive, spoke from Zurich’s London office about why the capital remains an attractive location for international companies despite recent challenges faced by the London stock market and corporate sector.

Under Greco’s leadership, Zurich completed an £8 billion acquisition of FTSE 100 insurer Beazley earlier this year, expanding the group’s footprint in specialty insurance sectors such as cyber and marine risk. Beazley, based in London and known for its focus on high-risk insurance, became part of Zurich in October. Greco highlighted that London serves as Zurich’s global hub for specialty and travel insurance operations, citing the city’s dynamic financial markets and talent pool as key factors in maintaining competitiveness.

“Where else would you go? You can’t go too far because of time zone issues and you have to be where the skills are,” he said. “London today is the right place to build a global business, more than ever before.” Zurich employs approximately 65,000 people worldwide, including around 7,300 in the United Kingdom. The company’s market value stands at about 94 billion Swiss francs (£85 billion), surpassing the combined value of several major London-listed insurers.

Greco’s tenure at Zurich began in 2016 amid significant corporate turbulence, following a series of challenges including sharp share price declines and leadership upheavals. His predecessor, Martin Senn, resigned in late 2015 and died by suicide shortly after Greco took over, a tragedy Greco attributes to Senn’s personal health struggles rather than organizational culture. The company also faced the 2013 suicide of finance director Pierre Wauthier, an event investigated by Swiss regulators with no findings of undue internal pressure.

Since assuming leadership, Greco has sought to reshape Zurich’s strategy by shifting focus from large clients and volatile, long-tail risks to mid-market businesses and more consistent dividend growth. The firm has raised dividends in eight of the past ten years, with exceptions in his first year and during the COVID-19 pandemic. Greco describes his management style as direct and non-political, aiming to foster transparency and efficiency without reliance on extensive support staff.

Securing Beazley was a key milestone for Greco, though the acquisition came amid difficulties as Beazley’s profits had halved. To address retention concerns among underwriters, he offered $55 million in retention payments, but Beazley’s CEO Adrian Cox declined to remain with Zurich despite an offered position. The company plans to provide updates on Beazley’s integration and performance during an investor event scheduled for November 17.

Greco’s career includes leadership roles at Generali and earlier positions at McKinsey and Allianz. He holds degrees in economics from Rome University and a master’s in international economics and monetary theory from Rochester University in New York. With a career shaped by a series of opportunities and relocations, Greco considers himself driven by circumstances rather than long-term planning. He currently balances his role with family life and is known for his intense work ethic, often working through the day without breaks.

As Zurich moves forward, Greco continues to champion London’s role in global finance, viewing it as an indispensable center for talent and business operations in an interconnected world.