Zurich Financial Services Group has announced the appointment of Gale K. Caruso, currently of Scudder Kemper Investments, to president and chief executive officer of Zurich Kemper Life (ZKL), replacing John B. Scott who was appointed chairman of ZKL.,

Both appointments will be ratified at the next meeting of the Board of Directors of the Zurich Financial Services Group. Scott will serve as the company's Chairman until his retirement in the first quarter of 2000.

Scott joined Kemper Insurance Companies in 1967 and was named financial officer for Kemper Life Insurance Companies in 1973. Scott was elected vice president of operations in 1981, president and chief operating officer in 1987 and chairman, president and chief executive officer in 1988. With the acquisition of Kemper Life Insurance Companies by Zurich Insurance Group in 1996, he became president and ceo of ZKL.

"The insurance business has been a big part of my life for over 37 years and the decision to step away was a difficult one," Scott said. "It was made easier knowing that ZKL has an excellent staff, solid distribution partners, and is in excellent financial condition. Passing on the reins to such an accomplished leader as Gale Caruso makes it even easier."

"It is with a sense of respect and appreciation for a job well done that I accept John's intention to retire. He has been instrumental in the growth of ZKL and has transformed the company into the powerhouse it is today," said William Bolinder, a member of the Group Executive Board of Zurich Financial Services Group.

"ZKL's strength in its many markets is a direct reflection of John's leadership. During his tenure as chief executive officer, the company has experienced tremendous growth; assets have grown from $2.0 billion to $14.4 billion; premiums from $388 million to $2.1 billion; and life insurance in force has grown from $50 billion to $226 billion."

"John has put a solid framework in place and I look forward to seeing this company go from strong to even stronger under Gale's leadership. She is a leader with proven skills in developing distribution, marketing and sales. For the company, this is a moment of deep appreciation for John's achievements and eager anticipation of what lies ahead for Gale and the ZKL team."

Most recently Caruso led the team responsible for the launch of Scudder's Canadian subsidiary, Scudder Canada Investor Services. Before serving as president and ceo of Scudder Canada, Ms. Caruso performed a wide variety of roles for Scudder. She was involved in the launch of the company's Luxembourg-based family of funds; assessed opportunities for Scudder's businesses in Europe; was responsible for the business management of bank proprietary mutual funds; and the retail efforts in the firm's Tokyo office.

Caruso has also served as the coordinator of the team that launched Paine Webber's proprietary family of mutual funds when she was a vice president at the firm.

"ZKL is a company recognized as a leading provider of life insurance and annuity products, a company of quality," said Caruso. "I consider myself truly fortunate to have this opportunity. This company has the right assets -- the right people and relationships. So the stage is set to be a winner in a very complex marketplace. To get there will require us to be quick, responsive and nimble."

Caruso, her husband and three children will relocate from Connecticut to Barrington Hills, Illinois over the summer.

 

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