Reinsurance News


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

Zurich to provide resilience services to the Worldwide Broker Network

2nd November 2022

Zurich Resilience Solutions has announced that it will become the preferred supplier of resilience and sustainability to the Worldwide Broker Network (WBN), effective from January 1 ,2023. Zurich will provide services to more than 100 broker members in over 100 countries. The Zurich Resilience Solutions offering will be available for all WBN ... Read the full article

Biodiversity metrics to enable climate change mitigation: Zurich

27th October 2022

In a recent report, Zurich Insurance Group has observed how biodiversity metrics make for more effective voluntary carbon markets, delving into how this potential can be realised to mitigate and adapt to the effects of climate change. As countries focus on energy security amid Russia’s ongoing invasion of Ukraine, Zurich Insurance ... Read the full article

Penny Seach named CUO at Zurich

13th October 2022

Zurich Insurance Group has announced the appointment of Penny Seach to the role of Group Chief Underwriting Officer, effective January 1, 2023. Seach currently serves as Chief Underwriting Officer EMEA, and will continue in this role through the end of the year. As Group CUO, she will report to Sierra Signorelli, CEO Commercial Insurance, ... Read the full article

Zurich recruits Global Cyber Underwriting Manager from Munich Re

2nd September 2022

Switzerland headquartered insurer Zurich Insurance Group has appointed Andreas Schmitt as its new Global Cyber Underwriting Manager. He joins the company from Munich Re, where he most recently served as a Senior Executive Advisor, based in Singapore. Schmitt spent more than 12 years at Munich Re, working across Germany, Australia and Singapore. ... Read the full article

Zurich announce new appointments to Commercial Underwriting

18th August 2022

Zurich Insurance Group has announced two new appointments to its Commercial Insurance Underwriting team. Stephen Moss joins as Group Head of Financial Lines and Cyber, and Andreas Schmitt joins as Group Cyber Underwriting Manager. Moss first began serving Zurich in 2017, as Head of Specialties, UK. He has more than two decades ... Read the full article

Zurich reports huge rise in operating profit

11th August 2022

Zurich is reporting that it saw a 25% rise in operating profit for H1 2022. The firm said in a statement about its latest results that its group business operating profit had risen to $3,393m, which it said was its highest in fourteen years. Likewise, it said its P&C business operating ... Read the full article

Canada Life Re & Zurich appointed in UK pension longevity swap extension

7th July 2022

The UBS (UK) Pension and Life Assurance Scheme is extending its longevity hedge by £0.5bn, and Mercer will continue to act as the lead commercial and investment adviser to the scheme’s Trustee. The Canada Life Assurance Company is acting as the reinsurer on the deal, which was arranged ... Read the full article

Flood resilience and prevention need to achieve better outcomes: Zurich

30th June 2022

Imprecise forecast and modelling, “flood dementia”, and inadequate early warning systems are some of the issues to be addressed to improve flood resilience and prevention, according to Zurich. Last year, the extreme weather event “Bernd” caused great human suffering, and millions in damage; such as primary German insurer Provinzial gross claims ... Read the full article

Zurich to sell German legacy traditional life book to Viridium

24th June 2022

Zurich Insurance Group has agreed to sell its legacy traditional life insurance back book in Germany to Viridium Holding AG, a specialist in the management of life insurance portfolios in the country. The transaction includes the transfer of $20 billion of net reserves, mainly related to annuity and endowment products underwritten ... Read the full article

Zurich’s International Programs business goes digital

16th June 2022

Zurich Insurance Group (Zurich) has announced the digitalisation of its International Programs business. According to the group, the transformation to its program workflow will significantly enhance customer and broker experience and allow for a more efficient, seamless and sustainable collaboration. The digital exchange of data between ... Read the full article