Reinsurance News
Zurich
Farmers Group to acquire three brokerages and flood program of Farmers Exchange
14th November 2023
Zurich, through its wholly-owned subsidiary, Farmers Group (FGI), has agreed to acquire three brokerages and the flood program servicing arm of the Farmers Exchanges, for $760 million. According to the announcement, “ownership of the brokerages will ensure FGI maintains and broadens its position in supporting the Exchanges in meeting customers’ needs ... Read the full article
Zurich P&C insurance revenue up 9% YoY to $31.4bn
9th November 2023
In its first nine month results, Zurich Insurance Group has reported that property & casualty insurance revenue grew 9% year-on-year to $31.4 billion, driven by strong growth in commercial and retail insurance. Of this total revenue, Zurich disclosed that the EMEA region accounted for $12.7 billion, while the North American region ... Read the full article
Zurich names Mattias Fritz as CEO of Zurich Nordic
17th October 2023
Zurich, a leading global insurance provider, has announced the appointment of Mattias Fritz as the new CEO of Zurich Nordic, effective from November 1, 2023. This move underscores Zurich's commitment to supporting customers and brokers in navigating the ever-changing risk landscape, with a strong emphasis on further growth in the region. In ... Read the full article
Leading European insurers underwrite 30% of U.S. coal: Insure Our Future
28th September 2023
According to a new report by Insure Our Future, leading European insurers are underwriting nearly a third of U.S. coal production, despite their net zero commitments. As per the group's report, Lloyd’s of London, Zurich, and Swiss Re are among the top ten insurers of the 25 biggest U.S. mines. Insure Our ... Read the full article
Dirk De Nil named Global Head of Zurich Resilience Solutions
14th September 2023
Zurich Insurance Group (Zurich) has announced that Dirk De Nil, the current CEO of Zurich Benelux and Nordics, will transition to the role of Global Head of Zurich Resilience Solutions, effective October 1, 2023, marking a significant leadership change within the organisation. He will take the reins from Hanno Mijer, who ... Read the full article
Zurich Resilience Solutions expands Sustainability Services team
16th August 2023
Zurich Resilience Solutions (ZRS), a global provider of Risk Engineering, mitigation and resilience-building services, has expanded its Sustainability Services team in the US, adding Jessica Balsam as Head of Climate Solutions, and Elise White as Director of Workforce Resilience Services. Balsam most recently worked with Ernst & Young Climate Change and ... Read the full article
Zurich Holding Company of America acquires cyber firm SpearTip
15th August 2023
Zurich Holding Company of America, a subsidiary of Zurich Insurance Group, has acquired SpearTip, a cyber counterintelligence firm that helps protect clients against cyber threats through proactive and response services. According to the firm, this acquisition expands the cyber risk mitigation services available from Zurich Resilience Solutions, a global division of ... Read the full article
Zurich reports increase in revenue while BOP goes down on H1 2023
11th August 2023
Zurich Insurance Group has reported that H1 2023 P&C insurance revenue was up 10% on a like-for-like basis to $20,163m, while business operating profit was down to $ 2,247m, from $2,379m in H1 2022. This quarter P&C (BOP) was 6% lower than in the previous year. In local currency, first half ... Read the full article
Zurich makes key leadership appointments for APAC Commercial Insurance business
12th July 2023
Zurich Insurance Group has made several key leadership appointments for its Asia Pacific Commercial Insurance business to strengthen regional go-to-market capabilities and drive expansion in key Asian markets. The firm has appointed Sean Walker as Head of Commercial Insurance & Chief Technical Officer, APAC, while Liam Burrell has been named Zurich ... Read the full article
Zurich NA unveils cyber insurance offering targeted for middle market businesses
11th July 2023
Zurich North America has unveiled a cyber insurance offering designed specifically for middle market businesses. The Zurich Cyber Insurance Policy Concierge Suite includes not only cyber insurance coverage, but also loss-prevention and resilience services such as a breach coach and a cybersecurity hotline available 24/7. Cyber Concierge, which has the ability to ... Read the full article
Zurich announces partnership with insurtech Qover
7th July 2023
Zurich Insurance Group has joined forces with Belgium-based Qover, to expand its embedded insurance capabilities. The insurer entered this partnership through Zurich Global Ventures as part of which Zurich is also joining the insurtech’s Series C funding round. Qover was founded in 2016 with the vision to simplify the future of insurance; ... Read the full article
Aon & Zurich-backed renewal data platform Big Ticket announces launch
20th June 2023
After four years in development, Big Ticket, an industry-backed renewal data platform, was launched at the annual Airmic conference in the UK. According to the announcement, this shared corporate data platform aims to transform the $1tn global commercial insurance industry by revolutionising the ‘broken’ renewal experience for risk managers, brokers and ... Read the full article
AXA and Allianz have announced their exit from the NZIA
26th May 2023
Two more big firms namely AXA and Allianz have announced their exit from the NZIA. This news comes in post comments made by John Neal the Chief Executive of Lloyd’s of London to Reuters urging the global climate alliance for insurers to make its membership rules less prescriptive or risk ... Read the full article
Republican AGs pen critical letter to NZIA members conveying “legal concerns”
18th May 2023
A consortium of Republican state attorneys general (AG) has penned a letter to insurers of the Net-Zero Insurance Alliance (NZIA) raising concerns about the legality of their commitments to collaborate with other insurers and asset owners in order to "advance an activist climate agenda." The targeted insurers are all NZIA members, ... Read the full article
Zurich P&C revenue up 11% in Q1 to $9.41 billion
17th May 2023
Zurich Insurance Group has reported that Q1 2023 P&C insurance revenue was up 11% on a like-for-like basis to $9.41 billion, driven by strong growth in commercial insurance and a further improvement in pricing. According to Zurich, all regions contributed to the aforementioned growth, though North America displayed the strongest performance, ... Read the full article