Zurich
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The reshuffle is likely laying the foundations for the eventual succession to CEO Mario Greco. -
The MGA secured a “significant strategic investment” from Zurich earlier this year.
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The Swiss carrier appointed a new global energy head earlier this week.
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The carrier is looking to take a lead position in energy-transition risks.
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The Swiss carrier improved its P&C combined ratio by 1.2 points to 92.4%.
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The cyber business will continue to operate as a standalone entity.
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Plus, the latest people moves and all the top news of the week.
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The (re)insurer used alternative capital in the reinsurance coverage.
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Cat losses for the quarter added 3.2 points to the carrier's combined ratio.
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Both Chubb and Zurich will underwrite the risks, with Nico as the sleeping partner.
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Joanne Barry will be joining the team at Zurich.
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The facility provides up to $100mn in claims-made excess casualty coverage.
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The process for the legacy book is believed to be in the late stages.
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The strategic investment supports Icen’s international ambitions.
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The executive said the firm had to focus time and investment on the most meaningful projects.
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The carrier pegged its California wildfire losses at $200mn pre-tax.
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The appointment is a “major part” of Zurich’s global strategy, the company said.
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The carrier is seen as a likely target of Lloyd’s ‘Big Game Hunting’ strategy.
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The sale of the business was confirmed in June.
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CEO Mario Greco said his future retirement had nothing to do with bringing the plan forward.
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The company is on track to exceed its targets for 2023-25 one year ahead of schedule.
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Greco will likely remain in place in the medium-term, which could mean major M&A and a Lloyd’s platform.
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The carrier has pegged preliminary pre-tax Milton losses at less than $200mn.
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Bradley Haimes will leave Zurich after more than a decade with the carrier.
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The loss ends a spell of benign claims activity in the downstream segment.
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Plus the latest people moves and all the top news of the week.
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The carrier's combined ratio in P&C operations rose slightly to 93.6%.
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The facility will provide coverage globally for blue and green hydrogen projects.
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This publication reported yesterday that the two carriers were nearing a deal.
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The disposal is the latest milestone in AIG’s work to reposition itself as a commercial lines insurer.
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The carrier reported rate increases of 5% across its P&C portfolio.
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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.
