Work-Out at Work
How Zurich Financial Services U.K. Used Work-Out to Transform the Company
WHEN PATRICK O ’ SULLIVAN took over at U.K.-based insurer Eagle Star in September of 1997, he was its sixth CEO in as many years. The company, a division of British American Tobacco and the third-largest general insurance firm in the United Kingdom, had lost more than $2 billion in mortgage-underwriting products in the past 10 years, and was still on a downward trend. Its fundamental business processes were in disarray. Its marketing strategy was focused on gaining share no matter what the cost, and its continuing losses were enormous. But even worse ...