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.
Zurich reports huge rise in operating profit
11th August 2022
Zurich is reporting that it saw a 25% rise in operating profit for H1 2022. The firm said in a statement about its latest results that its group business operating profit had risen to $3,393m, which it said was its highest in fourteen years. Likewise, it said its P&C business operating ... Read the full article
Canada Life Re & Zurich appointed in UK pension longevity swap extension
7th July 2022
The UBS (UK) Pension and Life Assurance Scheme is extending its longevity hedge by £0.5bn, and Mercer will continue to act as the lead commercial and investment adviser to the scheme’s Trustee. The Canada Life Assurance Company is acting as the reinsurer on the deal, which was arranged ... Read the full article
Flood resilience and prevention need to achieve better outcomes: Zurich
30th June 2022
Imprecise forecast and modelling, “flood dementia”, and inadequate early warning systems are some of the issues to be addressed to improve flood resilience and prevention, according to Zurich. Last year, the extreme weather event “Bernd” caused great human suffering, and millions in damage; such as primary German insurer Provinzial gross claims ... Read the full article
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
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