Reinsurance News
Zurich
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
Zurich Insurance signals plans to move EEA holding company from Ireland to Germany
21st November 2022
Zurich Insurance has indicated that it plans to move its European Economic Area holding company from Ireland to Germany. 110 jobs will be affected in the move, said Alison Martin, EMEA chief executive for the firm, in an interview given to Reuters. However, it has been reported that the company did ... Read the full article
Zurich sets new financial targets over next three years
16th November 2022
Financial giant Zurich has set new financial targets for itself, which it plans to achieve between 2023 and 2025. The firm said in a statement that it was looking to boost business operating profit after tax return on equity (BOPAT ROE) to more than 20%, see compound organic growth in earnings ... Read the full article
Zurich reports 8% rise in GWP in Q3 2022
10th November 2022
Zurich has released its Q3 results, saying that gross written premiums in its property and casualty segment were up 8%, compared to the same period in 2021. The firm said in a statement that gross written premiums in property and casualty for the first nine months rose 13% compared with the ... Read the full article
Zurich settles NotPetya cyber lawsuit
7th November 2022
Switzerland headquartered insurer Zurich has reached a settlement with multinational food and beverage company Mondelez International to close a $100 million lawsuit brought against the insurer for refusing to pay out on cyber claims related to the 2017 NotPetya attack. Details of the settlement have not been disclosed, but notably it ... Read the full article
Monument Re completes acquisition of portfolio from Zurich International Life
4th November 2022
Monument Re’s Isle of Man subsidiary, Monument International Life Assurance Company Limited (MILAC) has completed its acquisition of the closed book portfolio of Zurich International Life Limited’s (ZILL) Singapore long term life insurance business. The ZILL Singapore branch portfolio and employees have transferred into the Singapore branch of MILAC following receipt ... Read the full article