Zurich Financial Services announced on Thursday night the surprise promotion of Martin Senn to succeed James Schiro as chief executive from January.

Mr Senn has won respect since his arrival as chief investment officer in 2006, particularly in his supervision of the Swiss insurer’s extensive investments during the market crisis. However, his appointment was a surprise given widespread speculation that the job would go to either Axel Lehmann or Dieter Wemmer, other senior executives at the group.