Bloomberg) -- Zurich Insurance Group AG’s Chief Executive Officer Martin Senn resigned, acknowledging “setbacks” in recent months as losses forced the company to abandon a high-profile takeover bid for RSA Insurance Group Plc.

Chairman Tom de Swaan has been named interim CEO with immediate effect, the Zurich-based company said in a statement Tuesday. The resignation won’t affect the insurer’s strategy or financial targets, Zurich said, adding it was “confident” it would attain if not exceed its goals through 2016.

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