Mr Shaughnessy worked at Fidelity since November 2008 with responsibility for wholesale, banking and IFAs as well as the investment platform Funds Network.

He will report to David Sims, chief executive of Zurich Global Life, who has been interim chief executive since the departure of Michael Brennan last August.

Mr Shaughnessy said: “I’m delighted to be joining Zurich and look forward to working with the UK team in particular.

“This is a time of enormous change for UK consumers, intermediaries and employers, with increased regulation, personal tax complexity and the transfer of health and retirement responsibility onto the individual all taking place at the same time.

“These changes provide both a challenge and an opportunity for the financial services industry and I've been extremely impressed by Zurich's ambition to lead the re-shaping of financial services in the UK."

Mr Sims said: “I am delighted that Gary has been appointed to this role. He brings with him a wealth of experience which will allow him to build on the success of the UK Life business and is perfectly placed to lead the business as we move forwards with our platforms.”

Mr Shaughnessy has previously worked for a number of high-profile financial services firms including Prudential, M&G, AXA and the Bank of Scotland.

Fidelity has announced Hugh Mullan, currently chief operating officer at Fidelity, will take over Mr Shaughnessy’s role.