Reinsurance News
Zurich
Zurich is one of the largest insurance companies in the world. Headquartered in Switzerland, Zurich Insurance provides a wide range of specialist commercial insurance products and is a meaningful buyer of reinsurance protection.
LiveWell by Zurich gets new CEO in Stephanie Lloyd
4th May 2022
Stephanie Lloyd has been appointed CEO of LiveWell by Zurich. Lloyd is set to lead the health and wellbeing business from 1 July and will report directly to Jack Howell, CEO of Zurich Global ventures. She succeeds Helene Westerlind – who has been named as CEO Zurich Portugal – and will ... Read the full article
Allianz latest to rule out insuring East African Crude Oil Pipeline
11th April 2022
Allianz has become the seventh insurer to commit to not providing coverage to the East African Crude Oil Pipeline (EACOP). The pressure group #StopEACOP says that the insurer has sent it an email to confirm that they will not be ‘providing direct insurance’ to the project since ‘it neither meets our ... Read the full article
ClimateWise announces new chair and deputy chair
1st April 2022
Global insurance industry collaboration ClimateWise has announced Kevin O’Donnell, president and CEO of Renaissance Re as its new chair. As well as naming O’Donnell as its new chair, the group has also appointed John Scott, head of sustainability risk at Zurich Insurance as deputy chair. O’Donnell replaces Dominic Christian who has ... Read the full article
Zurich’s exposure to Ukraine conflict minimal, reserves strengthened: Berenberg
23rd March 2022
Analysts at investment bank Berenberg have argued that Zurich’s exposure to Russia’s invasion of Ukraine and the resulting sanctions are minimal, while its reserves appear stronger than in the previous year. It’s estimated that Zurich added $500 million to its already strong claims reserves in 2021, before reinsurance. This is equivalent to ... Read the full article
Zurich enters partnership with Celonis
4th March 2022
Execution management company and creator of process mining Celonis and Zurich Insurance (Zurich), have collaborated to accelerate Zurich’s journey to become more data-driven as a business, whilst also working with the company to set up a dedicated Center of Excellence (CoE). The CoE will create value across all business processes including ... Read the full article
Zurich Canada & Blink Parametric partner on flight disruption cover
17th February 2022
CPP Group’s parametric platform, Blink Parametric, has announced a collaboration with Zurich Canada, part of the Swiss-based Zurich Insurance Group, to provide flight disruption cover to Zurich Canada policyholders. Under the arrangement, Blink will monitor flights in real-time, offering service choices within policy terms in the event of disruption such as ... Read the full article
Zurich increases aggregate reinsurance retention for 2022
11th February 2022
Global re/insurance giant Zurich has announced that its reinsurance program has notable changes on the aggregate side of its protection. The global catastrophe aggregate reinsurance treaty, which for 2022 now attaches for Zurich after a US $900 million retention. This will end up being $100 million higher than the 2021 aggregate retention, ... Read the full article
Zurich P&C profits up 50%, aided by top-line growth
10th February 2022
Global insurer Zurich Insurance Group has reported that its net income increased by 36% to $5.2 billion in 2021, supported by a huge 50% jump in the business operating profit of its property and casualty (P&C) segment. Notably, this is the highest level of operating profit and net income recorded by ... Read the full article
Zurich NA shuffles leadership; Meador to lead RCIS
17th January 2022
Global insurer Zurich's North America division has made a number of key leadership changes including the appointment of Jason Meador as the new Head of the firm's Rural Community Insurance Services (RCIS) unit, effective February 1st, 2022. Currently, Meador serves as Head of Captives at Zurich North America, and takes over ... Read the full article
Zurich frees $1.2bn of capital with sale of $9.5bn Italian life & pensions back book
3rd January 2022
Global insurer Zurich Insurance Group announced this morning that it is freeing up roughly US $1.2 billion of capital through the sale of its legacy Italian life and pensions book of policies. Zurich said that its subsidiary Zurich Investments Life S.p.A. is selling its life and pension back book, which includes ... Read the full article
Sale of German life back book would be positive for Zurich: Berenberg
17th December 2021
The potential sale of global insurer Zurich's German life back book would be positive for the company as it would lower capital allocated to capital intensive traditional life business and potentially result in buybacks, reports Berenberg. Citing reports this morning from Versicherungsmonitor, analysts at Berenberg have discussed the potential sale of ... Read the full article
Zurich agrees to acquire AlphaChat
16th December 2021
Zurich Insurance Group (Zurich) has agreed to acquire Estonia-based company AlphaChat, which provides conversational artificial intelligence (AI) technology for customer service automation, to further enhance the Group’s digital capabilities. Founded in 2017, AlphaChat has built a messaging automation product capable of understanding natural language, authenticating users, providing personalised responses and executing ... Read the full article
Zurich CEO ‘very confident’ on 2022 targets
19th November 2021
Zurich Chief Executive Officer Mario Greco says he is "very confident" that his group can deliver on its 2022 targets, citing investment in developing customer service satisfaction and deployment of new technologies, as well as an overall adjustment of services in response to customer needs. His comments come as the group ... Read the full article
Zurich acquires Special Insurance Services in Texas
12th November 2021
Zurich American Insurance Company has signed an agreement to acquire Special Insurance Services, Inc. (SIS), a Texas-based program manager whose offerings include gap medical and occupational accident insurance products. ZAIC's Accident and Health products for employers and other groups include voluntary benefits, travel insurance and assistance, gap medical, medical stop-loss, occupational ... Read the full article
Zurich won’t change reinsurance significantly despite aggregate exhaustion: CFO Quinn
11th November 2021
Insurer Zurich has no intentions to significantly alter its use of reinsurance protection despite the impacts of hurricane Ida and the European floods exhausting the company's aggregate catastrophe cover in the third quarter, according to Chief Financial Officer (CFO), George Quinn. Alongside robust premium growth, Zurich's Q3 2021 results highlighted ... Read the full article
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