Reinsurance News
Zurich
Zurich to acquire Indonesia’s Adira Insurance for $414m
27th September 2018
Zurich Insurance Group has announced an agreement to acquire 80% of Indonesian property and casualty insurer PT Asuransi Adira Dinamika from PT Bank Danamon Indonesia and a minority investor for $414 million (IDR 6.15 trillion), a deal that will make Zurich the largest foreign P&C insurer in the country. The transaction ... Read the full article
Zurich urges businesses to prepare for climate change
25th September 2018
Zurich Insurance Group has called on businesses to act now and prepare for climate change, as internationally-agreed targets for lower greenhouse emissions look set to miss their mark. The new report from Zurich outlines three steps it believes will help companies develop a climate resilience adaptation strategy. These steps include identifying the ... Read the full article
RSA appoints Zurich’s Adrian Sweeney as CUO
20th September 2018
Leading commercial insurer RSA has announced the appointment of Adrian Sweeney as Chief Underwriting Officer for UK and International business, effective October 1. Sweeney joins from Zurich after 25 years serving across various international businesses in senior underwriting and operations roles; he became CUO for the company’s commercial businesses globally in ... Read the full article
Zurich NA names Deirdre Manna Head of Government & Industry Affairs
17th July 2018
Zurich North America, a division of Zurich Insurance Group, has appointed Deirdre Manna as Head of Government & Industry Affairs. Manna undertook the role on July 9 and will be leading Zurich’s engagement with elected officials at the state and federal level on public policy issues that may impact the company’s ... Read the full article
Tim Plant named CEO of General Insurance, Australia & New Zealand, Zurich
9th July 2018
Zurich Australian Insurance Limited, a division of global insurer Zurich, has appointed Tim Plant as Chief Executive Officer (CEO) of General Insurance, Australia & New Zealand, effective August 7th, 2018. Plant joins the firm from icare, where he was most recently Group Executive of Insurance for NSW, which is the largest public ... Read the full article
Zurich’s flood resilience alliance extended to 2023 with new $1bn funding goal
4th July 2018
The flood resilience alliance led by Zurich Insurance Group has been extended until 2023, with new five-year objectives including the generation of US $1 billion in additional funding for flood resilience programmes. The multi-sector alliance of non-governmental organisations (NGOs), academia, and risk management experts has already provided post-event recovery support to 110 ... Read the full article
Reduced exposure to volatile lines to improve earnings visibility: J.P. Morgan
4th July 2018
Analysts at J.P. Morgan have said that the decision of some re/insurers to reduce their exposure to more volatile lines of business, namely natural catastrophe exposures, and focus on other, more stable classes, will lead to better earnings visibility as well as a faster rerating. Focusing mostly on the actions taken ... Read the full article
Zurich completes Oak Underwriting takeover
3rd July 2018
Global insurer Zurich has completed the acquisition of Oak Underwriting from RSA Insurance, enhancing the company's high net-worth proposition, known as Zurich Private Clients. The insurer's purchase of Oak Underwriting, a high net-worth specialist insurer, makes Zurich one of the largest high net-worth insurers in the UK, and provides it with ... Read the full article
Zurich partners with Insurtech platform Digital Insurance Group
14th June 2018
Zurich has signed a multi-year collaboration deal with Amsterdam-headquartered insurtech platform Digital Insurance Group (DIG). Parallel to the agreement, DIG has received $15 million via a funding round co-lead by Zurich Insurance and Finch Capital. This deal bolsters Zurich’s digital capabilities moving forward, providing access to a next generation technology experienced ... Read the full article
Zurich invests in Insurtech startup Coverwallet
11th June 2018
Zurich has acquired a minority stake in U.S. based Insurtech startup Coverwallet, an online platform founded in 2015 that simplifies the purchase and management of insurance for businesses. This announcement builds upon an agreement between the two companies in February that saw the launch of Zurich, Powered by Coverwallet (ZPC) - ... Read the full article
Aon confident of resurgent longevity swap market
18th May 2018
Following their role as lead transaction advisor for Zurich’s recent longevity swap, covering more than £2 billion of the pensioner liabilities of the National Grid Electricity Group of the Electricity Supply Pension Scheme (ESPS), Aon believes that the longevity swap market is back in business. The transaction, which we covered ... Read the full article
Zurich completes £2bn longevity risk transfer deal with UK’s National Grid
15th May 2018
Zurich Insurance Group has completed an intermediated longevity swap deal that covers more than £2 billion of pensioner liabilities for the UK’s National Grid Electricity Group of the Electricity Supply Pension Scheme (ESPS). The transaction, which represents Zurich’s largest ever longevity swap arrangement, will protect the National Grid against the risk ... Read the full article
Zurich finalises $1bn reinsurance commission in takeover of ANZ’s OnePath Life
8th May 2018
Zurich has finalised its reinsurance arrangements with ANZ, paying $1 billion of upfront reinsurance commission as the first step in its acquisition of ANZ’s Australian life insurance business, OnePath Life. The sale of OnePath Life was announced in December 2017 and was arranged to consist of two transactions totalling $2.85 billion. The ... Read the full article
Zurich strengthens UK underwriting team with hires from Chubb and QBE
3rd May 2018
Zurich has announced that it plans to strengthen its UK underwriting team with a string of new leadership hires, including the appointment of Chubb’s Antony Statham as Head of Regional Financial Lines, and QBE’s Paul Mundy as Regional Underwriter Leader for the North. The new appointments represent part of Zurich’s strategy ... Read the full article
Zurich’s reinsurance unit advised to use an internal model
1st May 2018
Zurich Reinsurance Company Ltd (ZRe), the reinsurance arm of global insurer Zurich, has been advised by the Swiss Financial Market Supervisory Authority (FINMA) that it must use an internal model over the standard model, prompting the reinsurer to apply for approval. According to a section on the Swiss solvency test (SST) within ... Read the full article
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