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...
You are currently viewing an incomplete version of this article. If you are a subscriber then please login now. If you are a non-subscriber but would like to be able to view this article, then please select from the purchasing options below.