Reinsurance News
Zurich
Zurich is one of the largest insurance companies in the world. Headquartered in Switzerland, Zurich Insurance provides a wide range of specialist commercial insurance products and is a meaningful buyer of reinsurance protection.
Re/insurance pricing could firm after unexpected wildfire losses: Berenberg
15th January 2025
The severity of the ongoing California wildfires is expected to drive insurance industry losses of more than $20 billion, with some estimates even hitting or exceeding the $40 billion mark, which analysts at investment bank Berenberg believe could cause pricing to firm. In a recent note, Berenberg analysts focus on re/insurers ... Read the full article
iprism signs multi-year capacity deal with Zurich
7th January 2025
iprism, a Managing General Agent (MGA), has announced a new multi-year capacity deal with global insurer Zurich. Under the deal, Zurich will provide Property and Casualty capacity for iprism’s Property Owners and Commercial Combined products, expected to generate up to £30 million in gross written premium. This agreement expands the existing partnership, ... Read the full article
RiverStone & Zurich sign loss portfolio transfer deal
23rd December 2024
RiverStone International has entered into an agreement with the French division of Zurich Insurance Europe and Zurich Insurance Company to deliver a loss portfolio transfer reinsurance (LPT) and facilitate an insurance business transfer involving the French discontinued motor and architects & engineers (A&E) professional indemnity portfolios. According to RiverStone, these transactions ... Read the full article
Airways Pension Scheme completes £340m longevity swap with MetLife
19th December 2024
The Trustees of the Airways Pension Scheme have completed a £340 million longevity swap transaction with Metropolitan Tower Life Insurance Company, a subsidiary of MetLife, and Zurich UK. This arrangement aims to help to mitigate the financial risks associated with increasing lifespans, as well as to enhance the long-term security for ... Read the full article
Economic risks, weather & talent shortage among top concerns for APAC businesses: Marsh, Zurich
16th December 2024
Economic headwinds and escalating climate risks are the most pressing concerns for businesses across the Asia Pacific (APAC) region, a new survey conducted by the World Economic Forum, and released in partnership with Marsh McLennan and Zurich Insurance Group, has revealed. According to the Executive Opinion Survey business leaders are increasingly ... Read the full article
Drazen Jaksic named new CEO Zurich UK
12th December 2024
The UK arm of global insurer Zurich has announced the appointment of Drazen Jaksic as CEO of Zurich UK, succeeding Tim Bailey, who has served as CEO, Zurich UK since January 1, 2021. Alison Martin, CEO EMEA & Bank Distribution, said, “We are delighted to have a leader of Drazen’s calibre ... Read the full article
Constellation’s Chilean subsidiary acquires $2.1 bn annuity portfolio from Zurich
5th December 2024
Constellation's Latin American subsidiary, Ohio National Seguros de Vida – Chile, has acquired Zurich Insurance Group's $2.1 billion annuity portfolio in Chile. Through this strategic move, previously announced in May 2023, Ohio National Seguros de Vida – Chile significantly bolstered its pensions portfolio and assets under management, reaching an impressive ... Read the full article
AIG completes sale of personal travel insurance & assistance business to Zurich
3rd December 2024
Global insurer American International Group, Inc. (AIG) has successfully closed the previously announced sale of its global individual personal travel insurance and assistance business, including Travel Guard, to Zurich Insurance Group. It was previously revealed that AIG agreed to sell Zurich these operations for $600 million in cash, with an ... Read the full article
Zurich Resilience Solutions launches Climate Spotlight
28th November 2024
Zurich Resilience Solutions (ZRS), the commercial risk advisory and services unit of global insurer Zurich Insurance Group, has launched Climate Spotlight, an interactive digital solution leveraging climate data to provide businesses, municipalities, and public entities with insights to better anticipate, mitigate, and manage their climate risks while enhancing resilience. The solution ... Read the full article
Aviva completes £1.7bn buy-in with National Grid pension scheme
27th November 2024
Aviva has completed a £1.7 billion pensioner buy-in with the National Grid Electricity Group (the Group) of the Electricity Supply Pension Scheme (the Scheme). Aviva stated that the transaction, completed in October 2024, involved transferring the Group's existing longevity swap with Zurich Assurance Ltd and provides insurance for the benefits of ... Read the full article
AM Best upgrades credit ratings of Zurich and its core subsidiaries
27th November 2024
AM Best has upgraded the Issuer Credit Ratings of Zurich Insurance Group and its core subsidiaries, highlighting the firm's robust balance sheet, strong operating performance, and very favourable business profile as key factors driving the decision. Namely, AM Best has upgraded the Long-Term Issuer Credit Ratings (Long-Term ICR) to “aa” (Superior) ... Read the full article
Bernard promoted to Head of Industry Practices for U.S. Middle Market at Zurich
14th November 2024
Stan Bernard has been promoted to Head of Industry Practices for the U.S. Middle Market at Zurich North America, taking over the role from Lynn Zeitler, who will be retiring in December after 31 years with Zurich. In his new role, Bernard will collaborate to implement strategic plans and drive growth ... Read the full article
Ageas Re opens Zurich branch, appoints Anne Deister as Branch Manager
8th November 2024
Ageas Re, the reinsurance brand of international insurance group Ageas, has opened a new branch in Zurich and appointed Anne Deister as Branch Manager. The establishment of Ageas SA/NV Zurich Branch (Ageas SA/NV, Brussels, Swiss Branch Zurich) allows the company to write reinsurance contracts directly from Zurich on Ageas SA/NV’s established ... Read the full article
Zurich P&C sees revenue increase as GWP grows 4% in 9M’24
7th November 2024
Zurich has released its financial results for the first nine months of 2024, reporting a “robust performance” as gross written premiums (GWP) for its P&C segment rose 4% and insurance revenue was up 6% with rate increases of 5% year-on-year. The Group also highlighted that in the first nine months of ... Read the full article
Data and tech will distinguish top performers, says Zurich’s Signorelli
29th October 2024
During re/insurance broker Aon’s Profitable Growth Panel, Sierra Signorelli, CEO of Commercial Insurance at Zurich, emphasised that the use of data and technology is really going to distinguish top performers in the coming years. She noted that leveraging advancements in data and technology enables better decision-making, facilitates more informed conversations about ... Read the full article
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