Zurich
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The executive worked on projects with the firm when he was an investment banker.
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All three carriers also announced increased dividends.
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At the group level, Zurich reported its highest-ever return on equity.
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The carrier has also hired Craig Bedford as specie underwriting manager.
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The insurer says Greensill's claim "arises out of a fraudulent scheme”.
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Gaughan took over the leadership of SiriusPoint’s energy underwriting operation last year.
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The Global Risks Report 2024, made in partnership with Marsh and Zurich, shows that extreme weather events, misinformation and disinformation are top risk severity concerns.
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The carrier has made numerous energy and power appointments in recent months.
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George Quinn has worked at Zurich for a decade and will oversee the completion of Zurich’s 2023 annual results.
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In the US, growth was driven by property and motor lines, while Brazil and Mexico contributed most to the Latin America region’s growth.
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The (re)insurer has proposed the acquisition of a 51% stake in Kotak Mahindra General Insurance Company for $488mn.
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The top five insurers on the continent maintained their ‘clear dominance’ in terms of scale.
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Dirk De Nil will step into the role following the retirement of Hanno Mijer, who has been CEO of Zurich Resilience Solutions since its inception in 2021.
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Plus the latest people moves and all the top news of the week.
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The commercial insurance CEO said carriers must communicate on the reasons for ongoing rate increases as the market bifurcates.
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The carrier's combined ratio in P&C operations rose by 1.3 percentage points over the period, to 92.9%.
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The Association of British Insurers has also appointed Clare Bousfield, CEO of retail and savings at M&G, as deputy president.
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Analysts claimed the relative lack of transparency will allow carriers to earn higher margins for longer.
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Growth was mainly driven by rate increases, with North America accounting for 50% of P&C expansion.
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The trade body is in crisis following a string of misconduct allegations, including alleged rape.
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Beneva has signed up to net-zero targets as a member of the NZIA, following a period of turbulence in which Munich Re, Zurich and Hannover Re have left the alliance.
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Aviva has said it is committed to the Net-Zero Insurance Alliance, in the wake of withdrawals from the group by Zurich, Munich Re and Hannover Re.
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Hannover Re has followed Zurich and Munich Re in announcing its departure from the Net Zero Insurance Alliance, though it offered no explanation for its decision.
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The loss hits a market grappling with social and economic inflation, plus increased reinsurance costs.
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Zurich’s decision comes less than a week after Munich Re decided to withdraw from the UN-backed initiative.
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Analysts find carriers have few investments in bank debt after Credit Suisse rescue.
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The collapse of Silicon Valley Bank is creating investor fear across the global financial services sector.
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Executives noted that changes capping cat exposure via the treaty made it a less capital-intensive transaction for Zurich than in the past.
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The carrier has upped its global all-perils cat coverage to $1.2bn since January last year.
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Of the 8.5% quota share assumed by Farmers Re, 6.75% was retroceded to Zurich Global.
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The carrier benefited from favourable rate environments across all geographies, as well as lower catastrophe and weather-related claims.
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The CEO called for the formation of public-private partnerships, akin to those in place for terrorism or earthquakes, to tackle systemic cyber risks.
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The pub group and bakery chain will dispute elements of judgements issued in October in UK Covid-related BI lawsuits.
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Streidl will step into the role following Rob Kuchinski’s retirement at the end of the year.
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Analysts said attachment points are now far behind the rate of inflation over the period.
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The carrier will turn its attention to embedding sustainability across Zurich in the next three-year period.
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Zurich had already planned to reduce its US cat exposure by 10%, a target that has nearly been achieved, the executive said.
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The carrier’s North American business recorded the strongest GWP growth, booking a 14% increase for the year to date.
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Mondelez had filed a $100mn lawsuit against the insurer over payment denial.
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Many policyholders are likely to receive larger payouts following the judgement, but a worst-case scenario has been averted.
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Stonegate’s case is seen in the market as a key precedent for the aggregation of BI claims.
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The bakery will be able to claim for multiple separate incidences rather than confining its losses to a single £2.5mn ($2.8mn) cap.
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Penny Seach is to succeed Hayley Robinson, who has decided to step down at year end for family health reasons.
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With significantly lower retentions, AIG, Assurant and Allstate are more likely to pass the cost of the hurricane onward to their reinsurers.
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Offshore energy chairman Frank Streidl said margins are tight and upstream had not hardened like other insurance lines.
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The willingness by legacy buyers to walk away from deals is a sign of discipline in a competitive market.
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Clubs including Arsenal, Aston Villa and Leicester City are claiming against insurers.
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The carrier has also hired Munich Re’s Andreas Schmitt as group cyber underwriting manager.
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Zurich is ahead of schedule on its nat cat exposure reduction in the US, the company’s CFO George Quinn said during an H1 earnings call.
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Zurich’s P&C business saw H1 business operating profit rise 31.8% on a year ago, with a 91.9% combined ratio for the period.
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The suit is the latest in a series of Covid-19 BI legal actions hinging on aggregation brought against insurers.
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The parties gave their final submissions following a legal hearing that has lasted over two weeks.
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The insurers also claimed that Stonegate’s desired treatment of furlough payments would lead to it being ‘over-indemnified’.
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The pub company is looking for a payout at every one of its 760 premises, whilst insurers claim it is entitled to a single limit.
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The bakery chain is suing Zurich over losses during the lockdown, one of several high-profile BI legal disputes to have emerged.
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The pub chain has claimed in court that it is entitled to separate payouts for each of its 760 venues.
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Aggregation is the main issue in the landmark case brought against MS Amlin, Zurich and Liberty Mutual.
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The commercial insurance CEO said that the industry should act now before the cat market reached a point of implosion.
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Insurers and brokers have been cutting their ties with Russia following the country’s invasion of Ukraine.
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Plus the latest company results, people moves and all the top news of the week.
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CFO George Quinn said he did not foresee any classical inflation scenario impacting the carrier’s P&C book.
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The carrier’s P&C divisions in North America and Latin America both reported 17% year-on-year increases in GWP.
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Conditions for SPAC D&O are likely to remain turbulent, amid the heightened SEC scrutiny and uncertainty concerning claims resolution.
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The Zurich chairman previously spent over four decades at Swiss Re, including as CEO between 2012 and 2016.
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The insurer has teamed up with several carbon-removal suppliers to help it achieve its new goal.
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Zurich is set to remove its Z logo temporarily from social media and possibly dropping the logo entirely since the letter became a pro-Russian war symbol following the country’s invasion of Ukraine.
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The trio join WTW, Aon, Marsh McLennan, Hannover Re and Generali in shunning Russia over the Ukraine invasion.
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Since 2017, the carrier has also phased out insurance relationships equating with $38mn in GWP.
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The business made a steep underwriting loss in 2020.
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The carrier also increased its levels of co-participation on the upper layers of the cover.
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The carrier increased P&C pricing by 7% in 2021.
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AlphaChat’s technology will be deployed across all of Zurich’s business channels.
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The carrier said it would no longer support greenfield oil exploration and plans a full phase-out of thermal coal from its underwriting portfolio by 2040.
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Zurich has exhausted its $450mn aggregate reinsurance cover after booking around $450mn in losses from Hurricane Ida and $150mn-$200mn from Storm Bernd.
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Zurich’s gross written premium (GWP) in its property and casualty segment rose 11% to just over $31bn during the first nine months of the year, driven particularly by North American growth.
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Disputes over coverage and aggregation have continued since the Supreme Court gave its test case verdict in January.
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The carrier said the portfolios ‘no longer support’ its core strategy.
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Nine (re)insurance firms in London took part in the programme for career-break women, organised by diversity and inclusion firm Inclusivity and supported by the Insurance Families Network.
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The move is part of a new package of climate-related measures.
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The executive joined Lloyd’s more than seven years ago and has been a mainstay of the performance management team.
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Paolo Mantero replaces Giovanni Giuliani, who is to become Zurich Italy CEO.
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The executive will take on a leading role in all aspects of the carrier’s data management.
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The executive said it was too early to read the trend of loss cost inflation as US courts began to reopen.
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The carrier posted a strong turnaround after suffering heavy Covid-19 claims last year.
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Richard Gordon began his new role as head of construction UK last month, according to his LinkedIn profile.
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Insurers MS Amlin, Liberty Mutual and Zurich claim that the BI policy has a maximum limit of £17.5mn.
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Urban Angehrn was appointed CEO of the Swiss Financial Market Supervisory Authority earlier today.
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The carriers insuring VW’s D&O policies have agreed to pay out claims due to damage inflicted by previous executives in the emissions scandal.
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The growth was driven by higher premium rates, particularly in commercial insurance.
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The former Zurich Ireland CUO will take on the role from July and report to UK & Lloyd’s market CUO Luis Prato.
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The former UK CUO will move to Zurich in a reshuffle that follows Signorelli’s promotion to commercial insurance CEO.
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The former financial lines CUO will start at the end of the month and be based in Switzerland.
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The carrier says it remains in a strong financial position after a year of financial market volatility and heightened claims.
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The AmTrust-owned MGA will be able to offer policy limits of EUR40mn per transaction.
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The Swiss carrier denies signing off dangerous new-builds without full inspections.
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Maxine Goddard and Rachael Dobie will be senior vice president and assistant vice president respectively.
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The resilience solutions operation joins advisory segments focused on climate change, cyber security and supply chain risk.
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QBE is said to be a fourth potential bidder.
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The ratings agency said Zurich Insurance’s financial performance was “sustainably improved” and gave the rating a stable outlook.
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More customers and investees are in dialogue with the carrier over sustainable energy concerns.
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The four major developments of the week include:
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The new commercial lines chief joined Zurich from AIG in 2017.
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Dirk De Nil succeeds David Haak, who moves internally.
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The executive will replace incoming Lloyd’s chief of markets Patrick Tiernan.
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The CFO said that commercial lines business was improving faster than retail, reversing previous trends.
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The carrier reports strong pricing momentum, with commercial premiums rates up 17% in North America.
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The new European underwriting chief moves to the role from the post of Hong Kong general insurance CEO.
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The Principles for Responsible Investment were launched in 2006, with Hannover Re, Liberty and Everest Re among other signatories.
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Katie Small, Nick Gavin Powell and Michelle Suckling are set to join the business in the second quarter of this year.
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The Zurich UK chief leaves as she prepares to take up a new role at the helm of the carrier's Asia Pacific arm.
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The Zurich-owned carrier retains a financial strength rating of A2 and a surplus note rating of Baa2.
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The executive will work as a business development manager, raising awareness of the need for coverage.
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The latest recruit is returning to Swiss Re after five years.
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Steven Kent, who worked at the carrier for just under five years, has joined GFG Alliance as CUO.
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The likelihood of a heavy loss rises, but some elements including requirements around mandatory shutdowns are a silver lining.
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The Swiss carrier says any increase in P&C claims arising from the ruling won’t materially impact its earlier assessment of $750mn in Covid-19 claims.
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The hotly anticipated judgment will be a milestone in the ongoing dispute about how carriers respond to Covid lockdown-related losses.
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The change follows a broader management reshuffle and the launch of a new unit last week.
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The move follows the launch of a new digital unit and a string of senior management changes yesterday.
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The Swiss carrier hires the Ping An Technology CEO as chief information and digital officer as the tech push triggers a regional CEO shake-up.
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The carrier said that it was “well positioned” to grow in the commercial market.
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The executive tells a Swiss news outlet that the pandemic poses no threat to group targets or shareholder payouts.
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The new chief signals a bolder approach than predecessor Maurice Tulloch, who leaves for personal reasons.
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Analyst Jonny Urwin estimates a $20bn shortfall between available (re)insurance capital and demand.
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Chris Howard, Nicole Yates and Stephane Baj join from WNC, Axa XL and Chubb.
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The late July High Court hearing will also involve Arch, Argenta and QBE.
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Analyst Michael Huttner predicts that rising rates could allow Zurich to recover pandemic losses in just a year.
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Declines in GDP could affect the flow of business into the market.
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The carrier says more than 99 percent of property policies have virus or similar exclusions.
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The carrier recognises $280mn of Q1 losses from the pandemic, which it says will remain an earnings event.
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A public insurance certificate unearthed by Reuters shows that the insurers are involved despite pledges to fight climate change.
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Gerber was a giant of the Swiss business world in the 1970s and 1980s.
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The move is designed to align short- and long-tail lines to improve efficiency.
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The mid-market commercial insurer also gains authorisation in Washington State.
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Underwriting profit surges by more than 60 percent as rates rise 4 percent.
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Zurich is understood to lead the aerospace company’s D&O programme, brokered by Aon.
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The case exemplifies the complications historic opioid claims are causing in the market.
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The position is the former Zurich EMEA chief’s third non-executive InsurTech role.
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The cyber specialist joins the MGA’s California office as head of underwriting.
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Any carrier troubled in recent months by large losses, be they property or casualty, will have noted Zurich CEO Mario Greco’s claim last week that his company has neutralised the threat.
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The company is targeting 5 percent compound annual organic growth in the 2020 to 2022-year period.
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The product will be underwritten by Dovetail Insurance, a Victor subsidiary focused on InsurTech.
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The transaction has now received regulatory approval and has closed.
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AIG, Chubb, Markel, Swiss Re and Zurich are among the carriers which face potential losses from the tour operator's collapse.
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Swiss Re, Allianz and Zurich are among those backing the UN initiative.
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Peter Giger was previously CFO at the Swiss insurance group.
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The portfolio holds almost $200mn in net reserves.
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The business is likely to be valued at around $500mn, according to market sources.
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The carrier reported rate rises of 3 percent in H1, with rate growth in North America of almost 7 percent.
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Previous re-underwriting actions and an improvement in the underlying loss ratio lift the divisional performance.
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The executive replaces Patrick Manley as CEO of the Swiss carrier’s main EU general insurance arm.
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The Pennsylvania-based grocer has been named in multiple lawsuits by plaintiffs seeking to recover billions of dollars over opioids.
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The software gives contract certainty from the instant a treaty is agreed.
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The executive will head up the unit following Angelo Colombo’s departure to Swiss Re.
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The executive joined Zurich in 2017 from Swiss Re.
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The outgoing executive is understood to have left without a new position lined up.
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The Corporation calls for specific exclusions or affirmative (re)insurance to provide clarity for all parties.
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Insurance sector experts called for broader diversity initiatives and suggested practical solutions at the third Insider Progress event.
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The Swiss firm claims to be the first insurer to sign up to a charter aiming to put a 1.5°C ceiling on global warming.
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The casino giant says it is at risk of “losing valuable witnesses and attorneys” in legal battles with more than 4,000 claimants.
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The acquisition takes Zurich’s share of the Australian retail life market to around 20 percent.
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Lloyd’s remains the MGA’s largest capacity provider.
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David Martin also starts as head of UK retail business this month.
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Zurich has named Brian Winters as head of sales and distribution for US commercial insurance.
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The carriers pledge to resolve a coverage dispute quickly as advisory firm Mactavish maintains they botched an investigation into a £30mn claim.
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Panellists at the Biba conference condemn sexist behaviour.
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CFO George Quinn says rate growth surpassed expectations in the first quarter, while claims inflation was less severe than forecast.
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The executive will re-join a host of former colleagues at the start-up.
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Zurich recorded a 2 percent rate rise across its P&C book in the period.
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The executive will become the London-listed carrier’s global head of property from 20 May.
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Montminy resigned on Tuesday, The Insurance Insider has learned.
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The ratio was published as part of the carrier’s annual regulatory disclosure.
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Kelly Kinzer joins and Kathleen Kelly is promoted at Zurich North America while Lori Montoya arrives at The Hartford.
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London-based D&O writers have “woken up” to the threat of creeping claims frequency and severity, sources said.
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The global insurer launched a process last year to dispose of the runoff portfolios.
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Marco Royer joins Zurich Canada from Aon, and he will lead market-facing underwriting teams.
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The New York-based company uses technology to help SMEs search, buy and manage insurance online.
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They say there is no such thing as bad publicity. Though perhaps this isn’t how the cyber market feels at the moment.
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The planned disposal would be the latest in a series of run-off sales at the global insurer.
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StarStone leads the hydroelectric claim, which follows last year's Ituango Dam disaster.
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The mean and median gender pay gaps narrows but the bonus pay gap grows.
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The Dallas-based technology firm digitally distributes auto credit and insurance cover.
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The Austrian carrier reserves the right to insure coal risks in exceptional cases in countries where the economy and employment depend on the sector.
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The executive was brought in to help run the carrier’s specialty book that includes a large marine component.
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The global insurer cuts back its line size but remains in the class as peers withdraw.
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The bankrupt Johnson & Johnson talc supplier disclosed it has $709mn in liability coverage remaining for talc.
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A 70 percent foreign shareholding ceiling was brought in in 2009 but never enforced.
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The departures come six months after Karen Reutter took the helm of Zurich North America’s construction team.
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UK rates are up by 100 percent in many cases.
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