Zurich Financial Services Group has announced the appointment of Colm J. Holmes as the firm’s new group treasurer. He has worked for the firm for the last decade, after joining it from JP Morgan, and was most recently CEO of the Centrally Managed Business (CMB) and head of Zurich Banking Group. Previously he was CEO [...]
Zurich Financial Services Group has reported its financial results for the first nine months and third quarter of 2011. In the first nine months of the year Zurich made a business operating profit of US$3.3bn, with a net income of $3.2bn. This is a slightly lower business operating profit than that made in 9M 2010, [...]
Zurich has announced the successful placement of CHF 425 million of senior debt with retail and institutional investors in the Swiss Franc domestic market. The seven-year senior notes, maturing in 2018, will be issued by Zurich Insurance Company Ltd under its “Euro Medium Term Note Programme”. The coupon has been set at 2.375%. The spread [...]
Zurich Financial Services Group has announced a quartet of senior appointments to Zurich’s and Santander’s Madrid-based joint-venture holding company. The appointments to the company, which will be named Zurich Santander Insurance America, S.L., are made in the light of the Zurich-Santander Latin American alliance announced earlier in 2011. Javier Lorenzo is named as general manager, [...]
Zurich Financial Services Group has announced that it has closed the acquisition of 51% participation in the life insurance, pension and general insurance operations of Santander in Brazil and Argentina. Zurich and Santander have recently entered in a 25 year strategic distribution arrangement in Latin America. The deal includes Zurich acquiring a 51% participation in [...]
Zurich Financial Services Group has announced the completion of its acquisition of 100% of the share capital of Malaysian composite insurer Malaysian Assurance Alliance Berhad (MAAB). The acquisition, announced back in June of this year, marks a new milestone in the firm’s strategic approach to emerging markets. Zurich has increased its presence in the Asia-Pacific [...]
Zurich Financial Services Group has announced the appointment of Isabelle M. Conner to the position of group chief marketing officer. Conner, whose appointment is effective from 1 October, succeeds Arun Sinha, who left Zurich at the end of July. Conner joins the firm from ING, where she had spent the last seven years as global [...]
Zurich Financial Services Group has announced the appointment of Pierre Wauthier to the position of chief financial officer, effective from 1 October. For the last four years he has served the firm as group treasurer, and last year took on the role of head of Centrally Managed Businesses. Wauthier is a veteran of Zurich, having [...]
Zurich Financial Services Group has announced the appointment of Maeve Gallagher as the firm’s new global head of Media Relations. Gallagher, whose appointment is effective from 1 September of this year, succeeds Angel Serna who has become Zurich’s global head of Corporate Communications. Gallagher assumes the leadership of the firm’s global media relations team, and [...]
Zurich Financial Services Group has today reported a biannual business operating profit of US$2.1bn, a 7% decline from the $2.3bn of last year. In the first six months of 2011 Zurich also achieved a net profit of $2bn, a 20% rise on the $1.6bn of the corresponding period last year. Chief Executive Officer Martin Senn [...]
Zurich has signed definitive agreements with Banco Santander to enter into a long-term alliance in Latin America. Santander has over 5,600 branches in the region and the key terms of the partnership are as follows: a 25-year strategic distribution agreement; acquisition of a 51% stake in established insurance operations in Brazil, Mexico, Chile, Argentina and [...]
Zurich is to return to the direct insurance market in the UK later this year, in strategic partnership with subsidiary Endsleigh. The insurer’s general business will offer motor and home insurance on aggregators under the Zurich brand, with Endsleigh carrying out sales, servicing and premium collections. The move forms part of a restructure announced earlier [...]
Zurich has announced the successful placement of CHF 450 million of six-year senior notes, maturing in 2017, and CHF 250 million of 10-year senior notes, maturing in 2021, to retail and institutional investors in the Swiss Franc domestic market. Both series of notes will be issued by Zurich Insurance Company Ltd under its “Euro Medium [...]
Zurich Financial Services Group has announced the appointment of Luca Marighetti as the firm’s new group head of strategy. Marighetti succeeds Christian Carl, who will concentrate solely upon his responsibilities as group head of M&A. In his new post Marighetti will be tasked with the leadership of developing Zurich’s strategic approach, forging a strong link [...]
Zurich has announced that Dieter Wemmer, its chief financial officer and regional chairman of Europe, is to pursue new opportunities elsewhere and will be leaving the group by the end of the year. Commenting on the news, Zurich chief executive officer, Martin Senn, says: “Dieter has made invaluable contributions in his many roles both in [...]
Zurich Financial Services Group has announced that its subsidiary Zurich Insurance Company Ltd has agreed to acquire 100% of Malaysian composite insurer Malaysian Assurance Alliance Berhad’s (MAAB) share capital. The sale is being made by MAA Holdings Berhad (MAAH), with the purchase price denoted in Malaysian Ringgit and worth approximately US$115m. Following purchase Zurich expects [...]
Zurich has reduced its stake in New China Life Insurance Co Ltd (NCL) from 20% to 15%, having sold 5% of its holding to undisclosed buyers. NCL has almost a 9% share of the Chinese life insurance market, and Zurich first invested in the firm over 10 years ago. Last week, the group sold Zurich [...]
Zurich is selling UK subsidiary, Zurich Specialties London (ZSL), to Swiss Re. ZSL has been in run-off since 2005 and the business to be transferred predominantly comprises US and UK broker-placed commercial casualty policies. The transaction, which is at book value, should release $1.5 billion of capital for redeployment by Zurich and allow repatriation over [...]
Capita has announced that it has expanded an existing contract to deliver operational services for Zurich’s life business by 11 years (from 2015 to 2026). In addition, the outsourcing giant will be supporting the development of Zurich Global Life’s European and international administration hubs, for a 15 year period. Capita will therefore be providing customer [...]
Zurich Financial Services Group has announced the appointment of Angel Serna as global head of corporate communications, with effect from 1st July. The 45-year-old Mr Serna joined Zurich in 2006 as head of media relations, prior to which he worked for over 12 years as correspondent and business editor at the Swiss daily newspaper, Neue [...]
