Reinsurance News
Zurich
Swiss Re & Zurich address the risks that GenAI poses for the re/insurance industry
28th March 2024
As AI technology continues to progress further, especially with the rise in Generative AI (GenAI), organisations across the re/insurance sector are experimenting more with the technology and finding new ways to apply it into their workforce. Reinsurance giant Swiss Re's CEO, P&C Re, Urs Baertschi, recently stated that it feels like ... Read the full article
Zurich and Klook launch parametric benefit to provide real-time lounge access for delayed flights
21st March 2024
Zurich Insurance has partnered with travel and leisure e-commerce platform Klook to introduce FlyEasy coverage, which, powered by Zurich Edge platform with micro-services from Blink Parametric, aims to reduce customer stress from long flight delays at airports. Available for Singapore residents, FlyEasy offers travellers real-time, complimentary lounge access - available through ... Read the full article
Zurich APAC reports 11% GWP growth in 2023 results
23rd February 2024
Zurich Asia Pacific (APAC), part of the global insurance group, has recently announced its results for the full year of 2023. The report highlights significant growth in its Property & Casualty (P&C) sector. Throughout 2023, the P&C business experienced robust growth, reaching gross written premiums (GWP) of $3.6 billion. This marks ... Read the full article
Zurich adds $300m top cat layer for Europe to 2024 reinsurance arrangements
22nd February 2024
European re/insurer Zurich has made some adjustments to its reinsurance coverages for 2024 with the addition of a new $300 million top catastrophe layer to its Europe all perils tower, while the retention on its U.S. all perils tower has come down by $50 million to $600 million. Alongside the ... Read the full article
Zurich posts record business operating profit of $7.4bn for 2023
22nd February 2024
Global insurer Zurich has reported strong growth across all businesses in the first year of its 2023-2025 financial cycle, with the highest-ever Group business operating profit (BOP) up 21% to $7.4 billion, along with reporting its highest-ever return on equity at 23.1%. The insurer stated that this result was “strongly supported ... Read the full article
Collapse of Zurich-Viridium deal highlights PE role in back-book consolidation: Moody’s
19th February 2024
The cancellation of Viridium Gruppe’s planned partial purchase of Zurich Germany’s life book has renewed concerns that regulators are scrutinising private equity (PE) backed consolidators in the life sector more closely, which may reduce the pace of back-book consolidation, Moody’s analysts have highlighted. In 2022 Zurich and Viridium started talks ... Read the full article
Zurich North America names Meador Head of Direct Markets
30th January 2024
Zurich North America has announced key leadership changes in its Direct Markets and Crop businesses, with Jason Meador appointed Head of Direct Markets as Vince Santivasi retires. Santivasi is to stay on through April 5 to assist in Meador’s transition. Santivasi’s retirement comes after two decades with Zurich. During that time, he ... Read the full article
Zurich NA reshuffles Direct Markets and Crop leadership as Santivasi departs
30th January 2024
Zurich North America has appointed Jason Meador, currently Head of Zurich's crop insurance business, Rural Community Insurance Services (RCIS), to lead the Direct Markets business. The appointment is effective February 1st, 2024, and he will continue to report to Kristof Terryn, Chief Executive Officer, Zurich North America as a member ... Read the full article
Zurich appoints Drazen Jaksic as CEO, Benelux
15th December 2023
Global insurer Zurich has appointed Drazen Jaksic to the role of Chief Executive Officer (CEO) Benelux. Based in Brussels, Jaksic will report to Sierra Signorelli, CEO Commercial Insurance, effective immediately. Signorelli commented on the appointment, “I am delighted that Drazen is taking on the CEO role for our Benelux region. He ... Read the full article
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