Zurich is appointing Raul Vargas as CEO of its fully-owned subsidiary Farmers Group, effective January 1, it said in a statement Thursday. Vargas will join Zurich's executive board. He is taking over from Jeff Dailey who will become Farmers Group's chairman.

Vargas currently oversees sales and distribution activities of the US business. During his career at Zurich he spent eight years as CEO of Zurich Santander Insurance America. 

Track Record

«He (Vargas) has a strong track record growing one of our largest retail businesses by delivering product innovations and optimizing distribution, while improving the experience of customers.» Zurich CEO Mario Greco said in the statement.