Daily Insurance Industry News
 
 
Daily Insurance Industry News
Sunday 23rd of April 2017
December 28, 2012

Eagle Star risks transferred to RiverStone

by Gill Montia

Story link: Eagle Star risks transferred to RiverStone

Zurich and RiverStone have signed an agreement that transfers the benefits and risks of Eagle Star’s remaining general insurance portfolio as at July 1st, 2012. As a result, $273 million in undiscounted gross liabilities will transfer to RiverStone, predominantly US asbestos, pollution and health risks written from the mid-1940s to the mid-1980s. The transaction will […]



December 18, 2012

Zurich’s Storm Sandy estimates hit $700m

by Gill Montia

Story link: Zurich’s Storm Sandy estimates hit $700m

Zurich Insurance Group has estimated aggregate claims net of reinsurance of around $700 million for Storm Sandy, which made landfall in the US on 29th October. The sum includes $40 million relating to Farmers Re regarding reinsurance cover provided to the Farmers Exchanges, which are managed but not owned by a subsidiary of Zurich. In […]



November 20, 2012

Value of metal theft claims soar

by Gill Montia

Story link: Value of metal theft claims soar

Theft of metal from empty commercial properties in the UK has led to a 2,500% increase in the cost of this type of claim since 2004, Zurich has found. According to the insurer, it’s the damage caused by thieves attempting to get to the metal which is proving the biggest problem for property owners, with […]



November 15, 2012

Zurich reports weaker third quarter

by Richard Kilner

Story link: Zurich reports weaker third quarter

Zurich Insurance Group has reported its financial results for the first nine months and third quarter of 2012. In the first nine months of the year the firm reported a business operating profit of US$3.2bn and net income attributable to shareholders of US$2.7bn. This is a decline from the corresponding period last year, when the […]



November 8, 2012

Zurich appoints chief marketing officer

by Richard Kilner

Story link: Zurich appoints chief marketing officer

Zurich Insurance Group has announced the appointment of Isabelle Welton to the position of group chief marketing officer. Welton, who assumes her new position with effect from 7 January 2013, will replace Isabelle Conner, who parted ways with the firm at the end of October. In her new role she takes on responsibility for the […]



November 7, 2012

Zurich discovers what keeps Europeans awake at night

by Gill Montia

Story link: Zurich discovers what keeps Europeans awake at night

New research from Zurich finds that pressure at work/school, the financial crisis and concerns about family are most likely to be keeping Europeans awake at night. In the UK (45%) financial problems rank first for sleepless nights; in Portugal (50%) and Spain (64%) it’s the financial and euro crisis; for the Swiss (42%), Germans (40%), […]



November 5, 2012

Zurich appoints Global Life Asia Pacific & Middle East CEO

by Richard Kilner

Story link: Zurich appoints Global Life Asia Pacific & Middle East CEO

Zurich Insurance Group has announced the appointment of Mark Hartigan as the firm’s new chief executive officer of Global Life Asia Pacific & Middle East. Hartigan, who assumes his new position with effect from 31 December 2012, succeeds Dan Bardin, who is to retire by the end of the year. He first joined Zurich three […]



October 18, 2012

Zurich takes German general insurance hit

by Gill Montia

Story link: Zurich takes German general insurance hit

Following a review of its general insurance business in Germany, Zurich has announced that it is strengthening its claims provisions, primarily in the long-tail liability lines. At the same time, the group intends to write-off a portion of its deferred acquisition costs. At current estimates, these adjustments total around $550 million before tax and $390 […]



October 10, 2012

Willis and Zurich complete e-Accounting tie up

by Gill Montia

Story link: Willis and Zurich complete e-Accounting tie up

Willis has launched a full electronic accounting process with the London-based operations of Zurich Global Corporate UK, using the current (2010.2) ACORD data standard and exchanging messages via TMEL (The Message Exchange Limited). The move marks another step in the adoption of e-Accounting in the London Market and is Willis’ fourth major implementation during the […]



October 4, 2012

Zurich progress global headquarters redevelopment

by Gill Montia

Story link: Zurich progress global headquarters redevelopment

Zurich has announced the results of an architectural competition launched for the redevelopment of its global headquarters at Mythenquai 2 in Zurich. A total of 15 architects were invited to participate and first prize has gone to Architekt Krischanitz ZT GmbH. The judges included company representatives, selected planning and construction specialists and one expert from […]



September 20, 2012

Zurich calls for changes to advice liability rules

by Gill Montia

Story link: Zurich calls for changes to advice liability rules

Zurich has joined forces with the Association of Independent Financial Advisers (AIFA) to launch a new report setting out recommendations to create a fairer level of liability for advice. The insurer and AIFA are calling on the Government and regulators to amend the rules regarding complaints on financial advice, arguing that open-ended liability is hindering […]



August 16, 2012

Zurich appoints General Insurance CEO

by Richard Kilner

Story link: Zurich appoints General Insurance CEO

Zurich Insurance Group has announced the appointment of Michael Kerner as the new chief executive officer of General Insurance (GI). In addition to this appointment, which is effective from 1 September and subject to regulatory approval, he will assume a seat upon the Group Executive Committee (GEC). Kerner is currently the chief executive officer of […]



Zurich reports interim profits

by Richard Kilner

Story link: Zurich reports interim profits

Zurich Insurance Group has reported a business operating profit of $2.5bn during the first six months of 2012. This is a healthy increase on the $2.1bn the firm made during the corresponding period last year. Biannual net income attributable to shareholders also improved, year-on-year, from $2bn to $2.2bn. Quarterly business operating profit was $1.1bn, a […]



July 11, 2012

Zurich appoints global HR chief

by Richard Kilner

Story link: Zurich appoints global HR chief

Zurich Insurance Group has announced the appointment of Thomas J. White (chief executive and representative officer of Zurich in Japan) to the position of group head of Human Resources. White, whose appointment is effective from 1 September, succeeds Peter J. Wright, who left the firm in June. White will assume responsibility for Zurich’s global HR […]



July 9, 2012

Zurich restructures UK life business

by Gill Montia

Story link: Zurich restructures UK life business

Zurich is restructuring its UK life business which will in future be focused around three core areas: corporate, retail and in-force. The move is designed to meet the demands of a changing marketplace and position the company for future growth. “Corporate”, which comprises Zurich’s corporate savings and corporate risk business units, will be led by […]



June 20, 2012

Zurich seeks chief of staff

by Gill Montia

Story link: Zurich seeks chief of staff

Zurich has announced further measures aimed at simplifying and delayering its global structure, as follows: The insurer is discontinuing the chief administrative officer (CAO) role and integrate some areas of CAO responsibility into other functions. The group will also appoint a chief of staff who will take over some of the administrative functions formerly assigned […]



June 11, 2012

Zurich appoints head of sales global corporate

by Gill Montia

Story link: Zurich appoints head of sales global corporate

Zurich has appointed Valerie Butt as head of sales, distribution & marketing for global corporate, effective 1st July 2012. In her new role, Ms Butt will be responsible for the development and execution of global corporate sales and distribution strategies, as well as marketing efforts on a global basis. Currently based in the US, the […]



June 4, 2012

Zurich’s Mario Greco moves to Generali

by Gill Montia

Story link: Zurich’s Mario Greco moves to Generali

Zurich Insurance Group has announced that Mario Greco, chief executive officer, general insurance, has decided to return to Italy to assume the role of Generali group chief executive officer. Mr Greco is now on leave and Zurich group chief executive officer, Martin Senn, will head the general insurance business until a permanent replacement is found. […]



May 23, 2012

Zurich makes GI appointments

by Gill Montia

Story link: Zurich makes GI appointments

Zurich has announced the appointment of Claudia Dill as chief operating officer at its general insurance business (effective 1st July 2012) and Dirk De Nil as head of sales and distribution for general insurance (effective 1st June 2012). Mrs Dill moves from head of global business services within group operations to take over from Mr […]



April 4, 2012

Zurich selects Guidewire for UK claims system with Cap Gemini

by Brian Turner

Story link: Zurich selects Guidewire for UK claims system with Cap Gemini

Zurich is today announcing the selection of Guidewire Software, as the provider of a new claims handling platform for its UK General Insurance division. The software will be implemented into Zurich’s UK Claims operation by Capgemini Financial Services UK. It is part of a multi-year project which will aim to transform claims processing, reduce costs, […]