Reinsurance News
Zurich
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
Zurich avoids pandemic-related BI payouts in High Court ruling
16th September 2020
The wordings represented by Zurich Insurance in the Financial Conduct Authority test case reportedly do not provide cover for business interruption in relation to the COVID-19 outbreak, a decision the insurer welcomes. Zurich says this decision is supported by the limited numbers of claims relating to policies with these wordings received to ... Read the full article
Zurich promotes Signorelli to group CUO, moves group claims to commercial insurance
9th September 2020
Global insurer Zurich has appointed Sierra Signorelli to an expanded role as group Chief Underwriting Officer, and is moving the Ian Thompson-led group claims team to commercial insurance. Effective October 1, Both Signorelli and Thompson will report to James Shea, CEO of Commercial Insurance. Signorelli will in her new role oversee the underwriting ... Read the full article
Zurich UK names Tim Bailey as new CEO
3rd September 2020
The UK arm of global insurer Zurich has announced the appointment of Tim Bailey as Chief Executive Officer (CEO), succeeding Tulsi Naidu as she transitions to CEO of APAC for the Group. Bailey currently serves as Zurich's Chief Operating Officer (COO) for EMEA, and his appointment as UK CEO remains subject ... Read the full article
Zurich’s BOP falls 40% in H1 on COVID-19 and elevated cat losses
13th August 2020
Global insurer Zurich has announced a 40% dip in business operating profit (BOP) for the first half of the year to $1.7 billion, driven mostly by an impact of $686 million related to the ongoing COVID-19 pandemic. As well as the decline in BOP, Zurich has today reported a 42% contraction ... Read the full article
Zurich sets up health & wellbeing business, led by Helene Westerlind
13th July 2020
Zurich Insurance Group has set up a WellCare business to support its existing health and wellbeing initiatives and apply a global approach to their development. The new business aims to provide retail, SME and commercial insurance customers with tailored health and wellness solutions. Helene Westerlind will lead the business as CEO of ... Read the full article
DARAG completes transfer of Zurich’s German A&E PI portfolio
1st July 2020
Legacy acquirer DARAG Group Limited has completed the previously announced acquisition of Zurich Insurance's German architects and engineers (A&E) professional indemnity insurance (PI) portfolio. The legal transfer of the portfolio to DARAG's German risk carrier, DARAG Deutsche Versicherungs- und Rückversicherungs-AG, structured initially as an LPT or retrospective reinsurance, has now received ... Read the full article
Zurich adds Belinda Bates as Senior Climate Change Risk Consultant
11th June 2020
Global insurer Zurich has appointed Belinda Bates as Senior Risk Consultant Climate Change in Commercial Insurance. In her new role in Bates will be working with Amar Rahman, Global Natural Hazards Practice Leader, as well as the Underwriting teams, to further develop and deploy Zurich’s Climate Change Resilience Services. Prior to joining ... Read the full article
Zurich implements new legal panel for large & complex claims in EMEA
10th June 2020
Zurich Insurance Group has launched a new legal panel that will be tasked with providing advice on the management of large and complex claims across the Europe, Middle East and Africa (EMEA) region. The legal panel has been implemented to ensure greater transparency and consistency of legal services for claims, to ... Read the full article
Zurich bolsters global A&H with three key hires
3rd June 2020
Global insurer Zurich has added three new senior members to its Commercial Insurance Accident and Health (A&H) underwriting group. Chris Howard joins as Head of A&H in the US, Nicole Yates as Head of A&H in Australia, and Stephane Baj as Head of A&H in the UK and Multinational A&H. These new ... Read the full article
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