Reinsurance News


Constellation’s Chilean subsidiary to acquire $2.6 bn annuity portfolio from Zurich

9th May 2023

Constellation Insurance Holdings, Inc.'s (Constellation) Chilean subsidiary, Ohio National Seguros de Vida S.A., has entered into an agreement to acquire Zurich Insurance Group's (Zurich) annuity portfolio of nearly $2.6 billion in reserves held in Chile. Ohio National Seguros de Vida S.A., which has been operating in Chile since 1993, offers a range ... Read the full article

Hannover Re the latest to leave Net-Zero Insurance Alliance

19th April 2023

German reinsurance giant Hannover Re has, after careful consideration, opted to leave the Net-Zero Insurance Alliance (NZIA), making it the third high profile re/insurer to leave the UN-convened alliance in less than a month. Hannover Re joins NZIA founders Munich Re and Zurich in leaving the association, which was launched at ... Read the full article

Zurich to provide tools and resources to help suppliers transition to net-zero

12th April 2023

Zurich Insurance Group has announced it is providing climate training materials and teaming up with carbon accounting firm Normative to offer free access to the Business Carbon Calculator. According to the statement, these will help suppliers understand Zurich’s goals, calculate their carbon footprint, and obtain a blueprint of practical steps they ... Read the full article

Zurich joins Munich Re in withdrawing from Net-Zero Insurance Alliance

5th April 2023

Zurich, a global multi-line insurance company, has confirmed its withdrawal from the Net-Zero Insurance Alliance (NZIA), citing a desire to focus its resources to support its customers with their transition. The NZIA is a group of 30 insurers and reinsurers representing around 15% of world premium volume globally. The aim is ... Read the full article

Closing flood protection gap requires new approaches: Zurich

27th March 2023

Closing the flood protection gap in vulnerable countries will require “massive investments” and new approaches from policymakers and re/insurers, a new report by the Zurich Flood Resilience Alliance has concluded. The report highlights the urgent need to mitigate the effects of climate change for those most at risk of devastating flooding, ... Read the full article

Zurich drops agg reinsurance cover, adds quake & top cat layers

10th February 2023

Zurich Insurance Group has disclosed details of its reinsurance renewals for 2023, which include a decision to drop its global aggregate catastrophe treaty, as well as the addition of a US quake layer and a new top catastrophe layer. The company’s aggregate cover had previously provided it with $250 million of ... Read the full article

Zurich P&C operating profits up 14%, on combined ratio of 94.3%

9th February 2023

Zurich Insurance Group has posted a 12% increase in business operating profit for 2022, including a 14% increase in operating profits for its property and casualty (P&C) segment on a combined ratio of 94.3%. Overall operating profit came to $6.5 billion, compared with $5.7 billion for 2021, while P&C profits amounted ... Read the full article

Zurich Financial Services Australia makes board appointments

31st January 2023

Zurich Financial Services Australia has appointed Geoff Summerhayes as Chair, along with Noel Condon and Mary Waldron as independent non-executive Directors. Summerhayes has extensive experience across the insurance, financial services and regulatory landscape. Some of the roles he has previously held across the industry include being an Executive Board Member of ... Read the full article

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