Laurence Cheng was named CIO of Zurich Insurance Group; he had been...

Laurence Cheng was named CIO of Zurich Insurance Group; he had been president of the Swiss insurer's U.S. institutional asset management unit, Zurich Investment Management. He replaces Rolf Hänggi. Stephen B. Timbers, CEO of Zurich Kemper, an affiliate, will assume his duties ``for the foreseeable future,'' a statement said.