Zurich
-
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.
-
The Swiss carrier appointed a new global energy head earlier this week.
-
The carrier is looking to take a lead position in energy-transition risks.
-
The Swiss carrier improved its P&C combined ratio by 1.2 points to 92.4%.
-
The cyber business will continue to operate as a standalone entity.
-
Plus, the latest people moves and all the top news of the week.
-
The (re)insurer used alternative capital in the reinsurance coverage.
-
Cat losses for the quarter added 3.2 points to the carrier's combined ratio.
-
Both Chubb and Zurich will underwrite the risks, with Nico as the sleeping partner.
-
Joanne Barry will be joining the team at Zurich.
-
The facility provides up to $100mn in claims-made excess casualty coverage.
-
The process for the legacy book is believed to be in the late stages.
-
The strategic investment supports Icen’s international ambitions.
-
The executive said the firm had to focus time and investment on the most meaningful projects.
-
The carrier pegged its California wildfire losses at $200mn pre-tax.
-
The appointment is a “major part” of Zurich’s global strategy, the company said.
-
The carrier is seen as a likely target of Lloyd’s ‘Big Game Hunting’ strategy.
-
The sale of the business was confirmed in June.
-
CEO Mario Greco said his future retirement had nothing to do with bringing the plan forward.
-
The company is on track to exceed its targets for 2023-25 one year ahead of schedule.
-
Greco will likely remain in place in the medium-term, which could mean major M&A and a Lloyd’s platform.
-
The carrier has pegged preliminary pre-tax Milton losses at less than $200mn.
-
Bradley Haimes will leave Zurich after more than a decade with the carrier.
-
The loss ends a spell of benign claims activity in the downstream segment.
-
Plus the latest people moves and all the top news of the week.
-
The carrier's combined ratio in P&C operations rose slightly to 93.6%.
-
The facility will provide coverage globally for blue and green hydrogen projects.
-
This publication reported yesterday that the two carriers were nearing a deal.
-
The disposal is the latest milestone in AIG’s work to reposition itself as a commercial lines insurer.
-
-
The carrier reported rate increases of 5% across its P&C portfolio.
-
The executive worked on projects with the firm when he was an investment banker.
-
All three carriers also announced increased dividends.
-
-
At the group level, Zurich reported its highest-ever return on equity.
-
The carrier has also hired Craig Bedford as specie underwriting manager.
-
The insurer says Greensill's claim "arises out of a fraudulent scheme”.
-
Gaughan took over the leadership of SiriusPoint’s energy underwriting operation last year.
-
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.
-
The carrier has made numerous energy and power appointments in recent months.
-
George Quinn has worked at Zurich for a decade and will oversee the completion of Zurich’s 2023 annual results.
-
In the US, growth was driven by property and motor lines, while Brazil and Mexico contributed most to the Latin America region’s growth.
-
The (re)insurer has proposed the acquisition of a 51% stake in Kotak Mahindra General Insurance Company for $488mn.
-
The top five insurers on the continent maintained their ‘clear dominance’ in terms of scale.
-
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.
-
Plus the latest people moves and all the top news of the week.
-
The commercial insurance CEO said carriers must communicate on the reasons for ongoing rate increases as the market bifurcates.
-
The carrier's combined ratio in P&C operations rose by 1.3 percentage points over the period, to 92.9%.
-
The Association of British Insurers has also appointed Clare Bousfield, CEO of retail and savings at M&G, as deputy president.
-
Analysts claimed the relative lack of transparency will allow carriers to earn higher margins for longer.
-
Growth was mainly driven by rate increases, with North America accounting for 50% of P&C expansion.
-
The trade body is in crisis following a string of misconduct allegations, including alleged rape.
-
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.
-
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.
-
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.
-
The loss hits a market grappling with social and economic inflation, plus increased reinsurance costs.
-
Zurich’s decision comes less than a week after Munich Re decided to withdraw from the UN-backed initiative.
-
Analysts find carriers have few investments in bank debt after Credit Suisse rescue.
-
The collapse of Silicon Valley Bank is creating investor fear across the global financial services sector.
-
Executives noted that changes capping cat exposure via the treaty made it a less capital-intensive transaction for Zurich than in the past.
-
The carrier has upped its global all-perils cat coverage to $1.2bn since January last year.
-
Of the 8.5% quota share assumed by Farmers Re, 6.75% was retroceded to Zurich Global.
-
The carrier benefited from favourable rate environments across all geographies, as well as lower catastrophe and weather-related claims.
-
The CEO called for the formation of public-private partnerships, akin to those in place for terrorism or earthquakes, to tackle systemic cyber risks.
-
The pub group and bakery chain will dispute elements of judgements issued in October in UK Covid-related BI lawsuits.
-
Streidl will step into the role following Rob Kuchinski’s retirement at the end of the year.
-
Analysts said attachment points are now far behind the rate of inflation over the period.
-
The carrier will turn its attention to embedding sustainability across Zurich in the next three-year period.
-
Zurich had already planned to reduce its US cat exposure by 10%, a target that has nearly been achieved, the executive said.
-
The carrier’s North American business recorded the strongest GWP growth, booking a 14% increase for the year to date.
-
Mondelez had filed a $100mn lawsuit against the insurer over payment denial.
