Reinsurance News

Zurich

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

Z Zurich Foundation launches new Climate Resilience Program

7th December 2022

The Z Zurich Foundation has announced its latest initiative, the Urban Climate Resilience Program (UCRP), further scaling up its efforts to combat the negative impacts of climate change. The program consists of a four-step approach. Number one is to identify and engage with urban communities in need; secondly, to conduct in-depth ... Read the full article

Zurich completes sale of Italian life and pensions back book to GamaLife

6th December 2022

Zurich Insurance Group has announced that its subsidiary, Zurich Investments Life S.p.A., has completed the sale of its life and pensions back book. The back book, composed of both traditional and unit-linked policies, was sold to Portuguese insurance company GamaLife – Companhia de Seguros de Vida, S.A. (GamaLife). The deal, first ... Read the full article

PartnerRe & Zurich back £1bn longevity swap for Fortune 500 pension

21st November 2022

An unnamed UK pension scheme sponsored by a Fortune 500 company has completed a £1 billion longevity swap with PartnerRe acting as reinsurer and Zurich acting as the intermediary to the swap. According to the announcement, the transaction - which covers both pensioner and non-pensioner members - insures the majority of ... Read the full article

Zurich Insurance signals plans to move EEA holding company from Ireland to Germany

21st November 2022

Zurich Insurance has indicated that it plans to move its European Economic Area holding company from Ireland to Germany. 110 jobs will be affected in the move, said Alison Martin, EMEA chief executive for the firm, in an interview given to Reuters. However, it has been reported that the company did ... Read the full article

Zurich sets new financial targets over next three years

16th November 2022

Financial giant Zurich has set new financial targets for itself, which it plans to achieve between 2023 and 2025. The firm said in a statement that it was looking to boost business operating profit after tax return on equity (BOPAT ROE) to more than 20%, see compound organic growth in earnings ... Read the full article

Zurich reports 8% rise in GWP in Q3 2022

10th November 2022

Zurich has released its Q3 results, saying that gross written premiums in its property and casualty segment were up 8%, compared to the same period in 2021. The firm said in a statement that gross written premiums in property and casualty for the first nine months rose 13% compared with the ... Read the full article

Zurich settles NotPetya cyber lawsuit

7th November 2022

Switzerland headquartered insurer Zurich has reached a settlement with multinational food and beverage company Mondelez International to close a $100 million lawsuit brought against the insurer for refusing to pay out on cyber claims related to the 2017 NotPetya attack. Details of the settlement have not been disclosed, but notably it ... Read the full article

Monument Re completes acquisition of portfolio from Zurich International Life

4th November 2022

Monument Re’s Isle of Man subsidiary, Monument International Life Assurance Company Limited (MILAC) has completed its acquisition of the closed book portfolio of Zurich International Life Limited’s (ZILL) Singapore long term life insurance business. The ZILL Singapore branch portfolio and employees have transferred into the Singapore branch of MILAC following receipt ... Read the full article

Zurich to provide resilience services to the Worldwide Broker Network

2nd November 2022

Zurich Resilience Solutions has announced that it will become the preferred supplier of resilience and sustainability to the Worldwide Broker Network (WBN), effective from January 1 ,2023. Zurich will provide services to more than 100 broker members in over 100 countries. The Zurich Resilience Solutions offering will be available for all WBN ... Read the full article

Biodiversity metrics to enable climate change mitigation: Zurich

27th October 2022

In a recent report, Zurich Insurance Group has observed how biodiversity metrics make for more effective voluntary carbon markets, delving into how this potential can be realised to mitigate and adapt to the effects of climate change. As countries focus on energy security amid Russia’s ongoing invasion of Ukraine, Zurich Insurance ... Read the full article

Penny Seach named CUO at Zurich

13th October 2022

Zurich Insurance Group has announced the appointment of Penny Seach to the role of Group Chief Underwriting Officer, effective January 1, 2023. Seach currently serves as Chief Underwriting Officer EMEA, and will continue in this role through the end of the year. As Group CUO, she will report to Sierra Signorelli, CEO Commercial Insurance, ... Read the full article