Reinsurance News

Zurich

Zurich’s profit falls 20% on COVID-19 and catastrophes

11th February 2021

The impacts of the COVID-19 pandemic and higher catastrophe losses pushed down Zurich's business operating profit (BOP) by 20% to $4.2 billion in 2020, while net income fell by 8% to more than $3.8 billion. For the year, Zurich has reported a COVID-19-related impact of $852 million, which includes $450 million ... Read the full article

Zurich names Penny Seach as CUO for EMEA

4th February 2021

Penny Seach, currently Chief Executive Officer (CEO) of General Insurance, Zurich Hong Kong, has been appointed as Chief Underwriting Officer (CUO) of the re/insurer's Europe, Middle East and Africa (MENA) operations, effective March 1st, 2021. In her new role, Seach will be based in Zurich and will report directly to Sierra ... Read the full article

Pen Underwriting & Zurich agree specialist fleet deal in Ireland

2nd February 2021

Pen Underwriting and Zurich Insurance have announced a second multi-year capacity deal for specialist fleets in the hazardous goods, tankers and environmental industries in the Republic of Ireland. The three-year agreement follows on from a similar five-year UK capacity deal to support the same sector, announced earlier this month. The new Irish ... Read the full article

Pen Underwriting & Zurich in specialist fleet capacity deal

8th January 2021

Multi-territory managing general agent Pen Underwriting has announced a new UK capacity deal with Zurich in the specialist area of hazardous industries and tanker transportation. The agreement will see Zurich provide capacity for in excess of £165m in premium over the next five years for Pen’s Hazardous Goods and Environmental Industries’ ... Read the full article

BBC Pension Scheme secures £3bn longevity swap with Zurich, Canada Life

15th December 2020

The BBC Pension Scheme has secured a longevity swap with global insurer Zurich for more than £3 billion of pensioner liabilities. Reinsurer Canada Life was also involved in the de-risking transaction, providing cover to Zurich. The deal will give the BBC scheme and the BBC, as sponsoring employer, with protection against the ... Read the full article

MetLife agrees $3.9bn sale of US P&C business to Zurich

11th December 2020

Life insurer MetLife has reached an agreement with Zurich, via its subsidiary Farmers Group, over the $3.94 billion sale of its US property and casualty business. This deal, initially reported in November, will see Farmers Group jointly acquire MetLife Auto & Home with the Farmers Exchanges, a group of three ... Read the full article

Zurich partners with Plum Underwriting on UK home insurance

11th December 2020

Zurich UK has entered into a long term agreement with specialist MGA Plum Underwriting to provide capacity for its UK non-standard home insurance portfolio. The five-year partnership replaces current capacity from Lloyd’s and focuses on a portfolio of targeted products in the non-standard property segment. It will cater for risks including non-standard ... Read the full article

Zurich makes appointments to life executive team

30th November 2020

Global insurer Zurich has appointed Louise Colley to lead its individual protection business and join its life executive team as Head of Retail Protection on the 1st of December. Colley has over 15 years of experience in insurance, and joins from Aviva where she held multiple roles including Managing Director (Protection) ... Read the full article

Zurich eyeing takeover of MetLife’s US P&C business

23rd November 2020

Zurich Insurance Group has confirmed that it is currently in discussions regarding a potential takeover of MetLife’s US property and casualty (P&C) business. The company announced that talks had indeed begun after rumours about an acquisition began circulating in the media. Reuters had previously reported that a deal with life insurer MetLife ... Read the full article

Zurich reports 3% rise in P&C premiums; unchanged COVID-related claims

12th November 2020

Global insurer Zurich has reported a 3% rise in property and casualty (P&C) gross written premiums (GWP) for the first nine months of 2020 to $27.3 billion, while P&C COVID-19-related claims are reportedly unchanged at roughly $450 million. GWP growth in P&C during the period was driven by 9% growth in ... Read the full article

Zurich adds medical stop loss for national carrier-administered programs

19th October 2020

The North American business of global insurer Zurich is launching a medical stop loss insurance product for larger employers with self-funded group health plans administered by national carriers. Zurich created the new solution in collaboration with program administrator Medical Risk Managers. "Zurich's collaboration with MRM enables us to extend our capabilities in medical ... Read the full article

Zurich to acquire HealthLogix & HealthInsite

13th October 2020

Zurich Insurance Group has announced that it is set to acquire digital health and wellbeing service providers, HealthLogix in Australia and HealthInsite in South Africa, to further expand its Zurich LiveWell health and wellbeing operation. The companies, jointly known as HLX, will be acquired from the founders. They offer customers a ... Read the full article

Unemployment tops infectious diseases as main concern for business execs: WEF

8th October 2020

Unemployment has topped out infectious diseases as the main concern for business executives globally, according to a World Economic Forum survey. Fiscal crisis was the top concern in 2019 but came third in this year's survey, which included responses from business leaders in regions including East Asia and the Pacific, Eurasia, Europe, Latin ... Read the full article

Law firm considering action against twelve insurers after High Court BI win

21st September 2020

Mishcon de Reya, the law firm that represented the Hiscox Action Group, could persue legal action against twelve new insurers following its Business Interruption insurance victory in the UK High Court. Based on the sample of policy wordings presented by the FCA, the court decided that most, but not ... Read the full article

Zurich adds climate change to natural hazards risk advisory service

17th September 2020

Global insurer Zurich has expanded its natural hazards risk advisory to include climate change services, underscoring its commitment to sustainability and a 1.5°C future. Zurich's newly launched Climate Change Resilience Services is designed to help businesses better prepare for both current and future climate change risks. Climate change is consistently viewed as ... Read the full article