Zurich hit by $440mn German PI reserve strengthening
Zurich Insurance Group surprised markets this morning with a $550mn pre-tax Q3 charge for increased claims reserves on its German medical malpractice and architects' and engineers' books, as well as a deferred acquisition cost (DAC) for its German life book.
The global insurance giant estimated that this would reduce third quarter net income by $390mn.
In early trading following the announcement, Zurich's share price fell 3.56 percent to SFr235.6.
Paul Bradley at Citi noted that since 20 percent of the...
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