HSBC Holdings PLC has announced a leadership reshuffle within its global insurance division. According to an internal memo, Ed Moncreiffe, who has served as the CEO of HSBC Global Insurance for 20 years, has resigned to pursue other opportunities.

In his place, HSBC has appointed Daisy Tsang, the current CEO of HSBC Insurance Hong Kong, and Kai Zhang, Managing Director of HSBC's International Wealth and Premier Banking (IWPB) in Asia, as Co-CEOs of the global insurance business. Both Tsang and Zhang will continue to hold their existing responsibilities alongside their new roles.