Reinsurance News
Zurich
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
Constellation’s Chilean subsidiary to acquire $2.6 bn annuity portfolio from Zurich
9th May 2023
Constellation Insurance Holdings, Inc.'s (Constellation) Chilean subsidiary, Ohio National Seguros de Vida S.A., has entered into an agreement to acquire Zurich Insurance Group's (Zurich) annuity portfolio of nearly $2.6 billion in reserves held in Chile. Ohio National Seguros de Vida S.A., which has been operating in Chile since 1993, offers a range ... Read the full article
Hannover Re the latest to leave Net-Zero Insurance Alliance
19th April 2023
German reinsurance giant Hannover Re has, after careful consideration, opted to leave the Net-Zero Insurance Alliance (NZIA), making it the third high profile re/insurer to leave the UN-convened alliance in less than a month. Hannover Re joins NZIA founders Munich Re and Zurich in leaving the association, which was launched at ... Read the full article
Zurich to provide tools and resources to help suppliers transition to net-zero
12th April 2023
Zurich Insurance Group has announced it is providing climate training materials and teaming up with carbon accounting firm Normative to offer free access to the Business Carbon Calculator. According to the statement, these will help suppliers understand Zurich’s goals, calculate their carbon footprint, and obtain a blueprint of practical steps they ... Read the full article
Zurich joins Munich Re in withdrawing from Net-Zero Insurance Alliance
5th April 2023
Zurich, a global multi-line insurance company, has confirmed its withdrawal from the Net-Zero Insurance Alliance (NZIA), citing a desire to focus its resources to support its customers with their transition. The NZIA is a group of 30 insurers and reinsurers representing around 15% of world premium volume globally. The aim is ... Read the full article
Closing flood protection gap requires new approaches: Zurich
27th March 2023
Closing the flood protection gap in vulnerable countries will require “massive investments” and new approaches from policymakers and re/insurers, a new report by the Zurich Flood Resilience Alliance has concluded. The report highlights the urgent need to mitigate the effects of climate change for those most at risk of devastating flooding, ... Read the full article
Zurich drops agg reinsurance cover, adds quake & top cat layers
10th February 2023
Zurich Insurance Group has disclosed details of its reinsurance renewals for 2023, which include a decision to drop its global aggregate catastrophe treaty, as well as the addition of a US quake layer and a new top catastrophe layer. The company’s aggregate cover had previously provided it with $250 million of ... Read the full article
Zurich P&C operating profits up 14%, on combined ratio of 94.3%
9th February 2023
Zurich Insurance Group has posted a 12% increase in business operating profit for 2022, including a 14% increase in operating profits for its property and casualty (P&C) segment on a combined ratio of 94.3%. Overall operating profit came to $6.5 billion, compared with $5.7 billion for 2021, while P&C profits amounted ... Read the full article
Zurich Financial Services Australia makes board appointments
31st January 2023
Zurich Financial Services Australia has appointed Geoff Summerhayes as Chair, along with Noel Condon and Mary Waldron as independent non-executive Directors. Summerhayes has extensive experience across the insurance, financial services and regulatory landscape. Some of the roles he has previously held across the industry include being an Executive Board Member of ... Read the full article
Zurich and South Pole join forces on climate change offering
26th January 2023
Zurich Resilience Solutions (ZRS), the commercial risk advisory and services unit of Zurich, and South Pole, a climate solutions provider and carbon project developer, have teamed up to support businesses with climate adaptation and mitigation. According to the announcement, the joint offering will help businesses tackle both sides of the climate ... Read the full article
Moody’s turns positive on Zurich citing improved profitability
17th January 2023
Moody’s has upgraded the Aa3 insurance financial strength rating (IFSR) and debt ratings (A1 senior unsecured, A2(hyb) subordinated, A3(hyb) preferred stock) of Zurich Insurance Company Ltd ., the insurers outlook has been changed to positive from stable. Moody’s upgrade and change in outlook reflect the company’s improved profitability, which the rating ... Read the full article
Aston Lark acquires trade book from Navigators & General
14th December 2022
Howden subsidiary Aston Lark has acquired the commercial direct marine trade book from Navigators & General (N&G), part of Zurich UK, in order to expand its range of insurance products for the marine community. According to the firm, the acquisition of the commercial direct marine trade book from N&G will allow ... Read the full article
Zurich names Frank Steidl as UK head of commercial insurance
8th December 2022
Zurich has named Frank Steidl as its new UK head of commercial insurance. Steidl, who currently holds the role of UK head of energy, marine, and construction, will take up his new role on 1 January. Previous roles within the firm, include that of head of EMEA energy and global head of ... Read the full article
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