Shaughnessy has been UK MD at Fidelity since 2008 and has a background in life businesses having worked for Prudential UK and M&G.
His replacement at Fidelity will be Hugh Mullan, currently European chief operating officer, who has also been with Fidelity since 2008.
A spokesperson for Fidelity said Mullan has worked mainly on the operations and technology side, which is a big part of the UK business.
But he also has a varied background, having worked at Barclays Wealth, Schroders and Citibank.
While at Schroders, where he was for more than seven years, he managed the UK retail business for a period.
In his new role Shaughnessy will report to David Sims, CEO Zurich Global Life in Europe, who has also been interim CEO for the firm’s UK Life business since Michael Brennan retired last August.
Sims said: "He [Shaughnessy] 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."
In his current role at Fidelity Shaughnessy is responsible for the group’s retail funds and investment trust business.
He will remain for a short hand-over period with Mullan and will then have some gardening leave before starting at Zurich in the summer.