Reinsurance News

Zurich

Zurich to sell German legacy traditional life book to Viridium

24th June 2022

Zurich Insurance Group has agreed to sell its legacy traditional life insurance back book in Germany to Viridium Holding AG, a specialist in the management of life insurance portfolios in the country. The transaction includes the transfer of $20 billion of net reserves, mainly related to annuity and endowment products underwritten ... Read the full article

Zurich’s International Programs business goes digital

16th June 2022

Zurich Insurance Group (Zurich) has announced the digitalisation of its International Programs business. According to the group, the transformation to its program workflow will significantly enhance customer and broker experience and allow for a more efficient, seamless and sustainable collaboration. The digital exchange of data between ... Read the full article

Monument Re acquires closed book portfolio from Zurich International Life

1st June 2022

Monument Re, the life reinsurance and insurance holding company, has agreed to acquire the closed book portfolio of Zurich International Life Limited’s Singapore long term life insurance business. Under the agreement with Zurich International Life Limited, the Singapore branch portfolio and employees will transfer into the new Singapore branch of Monument ... Read the full article

Zurich sells Russian business

23rd May 2022

Global insurer Zurich has agreed to sell its business in Russia to eleven of the unit’s team. The firm said that under its new owners, the business will operate independently under a different brand, while Zurich will no longer conduct business operations in Russia. The transaction will allow the new company to ... Read the full article

Zurich appoints new CFO of commercial insurance in Sarah Maillet

18th May 2022

Zurich has a new CFO of commercial insurance in Sarah Maillet, who takes up the role at the beginning of June. Maillet will report to Sierra Signorelli, CEO of commercial insurance, and be based in Zurich, Switzerland. In her new role, she will be responsible for leading, directing and controlling Commercial Insurance’s ... Read the full article

Zurich grows in P&C in Q1, sees immaterial exposure to Ukraine war

12th May 2022

Global insurer Zurich has seen its property and casualty (P&C) gross written premiums (GWP) jump by 8% in the first-quarter of 2022, as the carrier announces an expected immaterial exposure to Russia's invasion of Ukraine. P&C GWP rose from $11 billion in Q1 2021 to more than $11.9 billion in Q1 ... Read the full article

Zurich in talks over sale of $21bn German life portfolio to Viridium: reports

11th May 2022

Global insurer Zurich is reportedly in advanced talks over the sale of a €20 billion (USD 21bn) portfolio of German life insurance policies to Viridium Group, part of Cinven. According to Bloomberg, people familiar with the matter said that Zurich could announce the planned sale as soon as this week. However, an ... Read the full article

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