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Reinsurance News


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

Zurich appoints AXA’s Blanc as CEO for Europe, Middle East & Africa

6th April 2018

Zurich Insurance Group has announced that Amanda Blanc, current Chief Executive Officer (CEO) of AXA UK & Ireland, is to join the company and succeed Gary Shaughnessy as CEO for Europe, Middle East & Africa (EMEA). The transition is due to be implemented in the fourth quarter of 2018, and will ... Read the full article

Michel Liès, former Swiss Re CEO, voted in as new Chairman of Zurich

5th April 2018

At yesterdays annual general meeting in Zurich the shareholders of insurance giant Zurich Insurance Group Ltd. voted in ex-Swiss Re CEO Michel Liès as the new Chairman of the Board. The position had been proposed earlier this year, with Liès put forward to replace Tom de Swaan, who had held ... Read the full article

Zurich to acquire Oak Underwriting from RSA Insurance

28th March 2018

Zurich UK has announced plans to acquire Oak Underwriting plc from RSA Insurance for an undisclosed consideration. The agreement is expected to transform Zurich’s scale in the high net-worth sector, providing its existing high net-worth proposition, Zurich Private Clients, with a broader distribution platform and enhanced regional presence. Zurich claims that the ... Read the full article

Zurich launches UK Innovation Foundry

20th February 2018

Zurich has launched a new initiative to tackle changing customer demands and help drive change throughout its operations, the UK Innovation Foundry, set to be led by Mark Budd, UK Head of Innovation. The Innovation Foundry will progress Zurich’s innovation agenda and support the development of all ideas in a formally coordinated ... Read the full article

Zurich appoints Carsten Schildknecht as CEO Germany

12th January 2018

Carsten Schildknecht has been appointed as the new Chief Executive Officer (CEO) of Zurich Insurance Group's Germany operations, after the existing CEO Marcus Nagel announced he would be stepping down. Schildknecht worked at Generali Group from 2013 to 2016 as Group Chief Operating Officer and a member of the insurers Management ... Read the full article

Zurich backs FCA sandbox tested insurtech Laka

11th January 2018

Global insurer Zurich is financially backing an insurance technology (insurtech) start-up named Laka that has tested its product in the UK's Financial Conduct Authority’s (FCA) Regulatory Sandbox. Formerly known as Insure a Thing and now renamed Laka, the start-up offers a new model for insurance, only earning fees when acting in ... Read the full article

Singapore Life acquires $4.5bn business portfolio from Zurich Life Singapore

9th January 2018

Singapore Life Pte. Ltd. is to acquire the business portfolio of Zurich Life Singapore, an agreement that sees the former take responsibility for all of Zurich Life Singapore's clients' policies, totalling roughly SGD6 billion (US$4.5 billion). The agreement represents coverage for life, critical illness, and disability benefits, and all policyholders that ... Read the full article

Zurich buying ANZ’s Australian life insurance business for AU $2.85bn

12th December 2017

Insurance giant Zurich is making a strong move to strengthen its business in Australia, lining up an acquisition of ANZ’s life insurance businesses, OnePath Life, in Australia for AU $2.85 billion (US $2.14 billion). The acquisition will leave Zurich as the market leading retail life insurer in Australia and the company ... Read the full article

Zurich puts Harvey, Irma and Maria losses at $700 million

19th October 2017

Global insurer Zurich expects hurricanes Harvey, Irma and Maria to result in net claims of $700 million in the third-quarter for the firm's property and casualty (P&C) segment, net of reinsurance and pre-tax. After tax, Zurich estimates the hit to its P&C segment from the three events will be $620 million, ... Read the full article

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