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Reinsurance News


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

Zurich Assurance adopts the RMS Longevity Model to improve view of risk

4th October 2017

Global catastrophe risk modeller RMS' Longevity Model has been adopted by UK life insurer, Zurich Assurance Ltd., as the firm seeks to better understand its view of longevity risk. Zurich Assurance is a division of global insurer Zurich Insurance Group, and, according to a recent announcement has licensed the RMS Longevity ... Read the full article

Zurich backs Pen Underwriting in new motor capacity deal

29th September 2017

Zurich has agreed to a new deal to provide capacity for up to £150 million in premium over the next five years for Pen Underwriting motor capacity in the specialist area of hazardous and tanker transportation. Adam Shefras, Managing Director of Hazardous Goods & Environmental Industries at Pen Underwriting, said; “We’re delighted ... Read the full article

Kathleen Savio to replace Mike Foley as CEO of Zurich North America

21st September 2017

Mike Foley, the Chief Executive Officer (CEO) of Zurich North America, a division of Zurich Insurance Group, is to retire from the company and be replaced by Kathleen Savio. Savio is currently President of Zurich North America's Alternative Markets division, and the change is effective January 1st, 2018. She assumed her current ... Read the full article

Alison Martin joins Zurich from Swiss Re as Group Chief Risk Officer

1st September 2017

Zurich Insurance has named Alison Martin as new Group Chief Risk Officer to succeed Cecilia Reyes, she will join the group on October 1st and commence her new role with effect from January 2018. Martin will work closely with Reyes as Group Chief Risk Officer-Designate, before assuming the Group Chief Risk ... Read the full article

Former Swiss Re CEO Liès proposed as new Chairman of Zurich Board

6th July 2017

The Zurich Insurance Group (Zurich) Board of Directors has put Michel Liès forward for election as Chairman at the upcoming April, 2018 Annual General Meeting (AGM). Lies is proposed to succeed Tom de Swaan who has held the position since 2013 and been a board member since 2006. Tom de Swaan, Chairman of ... Read the full article

SCOR reinsures Zurich’s longevity swap for Skanska pension fund

3rd July 2017

Zurich Assurance has signed a longevity hedge swap with Skanska Construction Services Trustee covering £300 million of liabilities, with Mercer acting as lead advisor to the trustee on the deal. 75% of the longevity hedge was reinsured by SCOR, with Zurich retaining the rest. Jim Sykes, Chief Executive Officer (CEO) of Zurich ... Read the full article

Zurich North America merges Commercial and Specialty units

26th May 2017

Zurich North America has announced plans to merge its Specialty Products business with its North American Commercial Insurance unit to simplify company processes and make product offers more accessible to its clients. The newly expanded unit will be led by Paul Horgan, head of North America Commercial Insurance, who reports to Mike Foley, Chief ... Read the full article

Zurich unit in $2.3bn annuity reinsurance deal with RGA Re

18th May 2017

A subsidiary of Zurich Insurance Group has entered into a $2.3 billion reinsurance arrangement on a closed book of annuities with Reinsurance Group of America. The recently announced transaction saw Farmers New World Life, a subsidiary of Zurich, enter into an agreement with Reinsurance Group of America to reinsure a portion ... Read the full article

Major insurers lower retentions, buy more reinsurance

17th February 2017

New reinsurance demand is being seen as some of the world's largest insurance companies lower their retentions on existing layers of reinsurance coverage and expand their programs, buying new layers as well. So far this year it has come to light that insurance giant's Zurich and AIG have both significantly reduced ... Read the full article

Zurich claims on Farmers aggregate reinsurance for first time

9th February 2017

Zurich Insurance Group's fourth-quarter and full-year 2016 results show that the firm had to call on its Farmers Exchanges catastrophe reinsurance treaty for the first time, as catastrophe losses led by Texas storms increased to more than $1.3 billion. The catastrophe reinsurance programme was put in place three years ago with ... Read the full article

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