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 bolsters global A&H with three key hires
3rd June 2020
Global insurer Zurich has added three new senior members to its Commercial Insurance Accident and Health (A&H) underwriting group. Chris Howard joins as Head of A&H in the US, Nicole Yates as Head of A&H in Australia, and Stephane Baj as Head of A&H in the UK and Multinational A&H. These new ... Read the full article
Insurers welcome FCA update on pandemic BI claims
1st June 2020
Zurich Insurance Group and RSA are among those to welcome the update from the Financial Conduct Authority (FCA) as the UK regulator seeks to obtain legal clarity on business interruption claims related to the COVID-19 pandemic. After consulting with 56 insurers over the past month, the FCA announced today that ... Read the full article
Zurich says COVID-19 claims within P&C could hit $750mn in 2020
14th May 2020
Global insurance giant Zurich has recognised COVID-19 related claims within its P&C business of $280 million in the first-quarter of 2020, and has said that for the full year, this figure could rise to approximately $750 million. Overall, the company expects claims from the ongoing COVID-19 pandemic to remain within its ... Read the full article
Zurich NA appoints Chubb’s Alexander Wells to lead US Middle Market unit
1st May 2020
Zurich North America, part of Zurich Insurance Group, has named Alexander Wells as U.S. Head of Middle Market, effective May 11th, 2020. In his new role, Wells will report directly to Zurich North America Chief Executive Officer (CEO), Kathleen Savio, and takes responsibility for the strategic management and development of the ... Read the full article
Enstar to reinsure $465mn of Lyft’s legacy automobile business
1st April 2020
A wholly owned U.S. subsidiary of legacy acquirer Enstar Group Limited has entered into a novation agreement with affiliates of ridesharing company Lyft, Inc. and certain underwriting companies of Zurich North America, a division of global insurer Zurich. Under the terms of the novation agreement, Enstar will reinsure legacy automobile business ... Read the full article
Zurich expands roll out of marine insurance platform
25th March 2020
Global insurer Zurich is accelerating the broader roll-out of a new marine insurance platform for small and medium cargo. The Zurich Swift Insurance Platform provides web-based access to insurance that users can tailor to their needs. The platform leverages automation technologies to allow marine insurance brokers and intermediaries to manage the full ... Read the full article
Zurich partnership targets improved claims processing efficiency
19th March 2020
Global insurer Zurich is partnering with California-based data solutions provider Carpe Data to help improve claims processing efficiency. Zurich will leverage Carpe Data’s ClaimsX monitoring solution to use publicly available web data for real-time assessment and automated decision making. Through ClaimsX, Zurich is able to proactively audit injury claimants and identify cases ... Read the full article
Coronavirus BI exposure remains “very manageable”, says Zurich CFO
19th March 2020
Zurich has started to see some coronavirus-related Business Interruption claims, but based on its exposures is expecting it to be very manageable in a group context. George Quinn, Zurich’s Chief Financial Officer, has explained that for these claims to pay out the company not only needs to see exposure to the ... Read the full article
Zurich launches new cyber security offering
26th February 2020
Global insurer Zurich has partnered with cybersecurity firm CYE on a new offering aimed at helping businesses define and deploy effective cyber risk management programs. Available to companies globally, Zurich Cyber Security Services is designed to close unknown security blind spots, reduce the risk and impact of security incidents, and protect ... Read the full article
Zurich’s P&C performance drives 16% rise in profit for 2019
13th February 2020
Global insurer Zurich has reported a 16% rise in business operating profit (BOP) to USD 5.3 billion for 2019, driven by growth across the business and a strong underwriting result within its Property and Casualty (P&C) segment. Zurich's elevated BOP for 2019 compares with the USD 4.6 billion recorded a year ... Read the full article
Zurich’s Greco calls for effective price on carbon, at Davos 2020
21st January 2020
Mario Greco, the Chief Executive Officer (CEO) of Zurich Insurance Group, has called for tax changes designed to ensure carbon is effectively priced across the world. Addressing an audience at the World Economic Forum's (WEF) annual meeting held in Davos, Switzerland, Greco discussed the impacts of digital disruption and the changing ... Read the full article
Zurich boosts underwriting & claims capability in Australia & New Zealand
20th January 2020
Global insurer Zurich has announced three new leadership appointments within its General Insurance operation in Australia and New Zealand, as it looks to strengthen its underwriting and claims capability. In underwriting, Zurich has named Alex Morgan, currently the Head of Specialty for Commercial Insurance for Zurich's Asia Pacific region, as Head ... Read the full article
Zurich & Blue Zebra to end underwriting arrangement
13th January 2020
Zurich Australian Insurance Ltd, a division of global insurer Zurich, has announced the end of its underwriting agency agreement with Blue Zebra Insurance Pty Ltd. The agreement was entered into in February 2018, designed to offer a digitally enabled, end-to-end personal lines insurance platform via brokers in the Australian marketplace. It had ... Read the full article
Zurich acquires Adira Insurance, expanding presence in Indonesia
2nd December 2019
Zurich Insurance Group has completed the acquisition of 80% of PT Asuransi Adira Dinamika (Adira Insurance), thereby becoming the largest property and casualty (P&C) insurer in Indonesia. Adira Insurance is among the top 10 P&C insurers in Indonesia. It generated gross written premiums of US $170.4 million in 2018 and has leading ... Read the full article
Zurich outlines new financial targets for 2022
14th November 2019
Zurich Insurance Group has outlined a new set of financial targets for the 2020 to 2022 period, including business operating profit after tax return on equity in excess of 14%. The company announced the new growth plans just one week on from its Q3 results release, which put it on ... Read the full article
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