Zurich

Zurich NA agrees capacity deal with medical stop loss MGU IOA Re

Zurich North America has agreed a new capacity partnership with specialist MGU IOA Re as the insurer looks to build out its book of middle market-focused medical stop loss business.

Zurich exploring sale of ~€200mn Italian life unit: reports

Swiss insurance giant Zurich has brought in UBS as it looks to offload an Italian portfolio of life insurance policies, according to reports by Reuters.

Zurich NA hires Allstate’s Chauhan for strategy and BD role

Zurich North America has appointed Neeren Chauhan as head of strategy, innovation and business development, with the new hire joining after seven years at Allstate.

Burlington hits Zurich with $750mn Covid suit

Burlington Stores has sued Zurich for coverage of its more than $750mn in business interruption (BI) losses stemming from the pandemic, in the latest high-stakes lawsuit filed against the insurer.

Zurich P&C posts rate-fuelled Q1 top-line growth of 9% as takes ~$300mn Uri hit

Zurich’s P&C gross written premiums were up 9 percent to $11.03bn in the first quarter on a like-for-like basis, driven by strong growth in commercial insurance and a further improvement in pricing.

Zurich promotes Robinson to group CUO

Zurich has promoted Hayley Robinson, currently UK chief underwriting officer, to the role of group CUO.

Zurich names Axa XL’s Powell as financial lines and cyber head

Zurich Insurance Group has appointed Axa XL’s Timothy Powell as global head of financial lines and cyber, a newly created role that combines both lines of business and aims to simplify the group’s offering.

Zurich’s solvency ratio falls to 182% on pandemic volatility

Zurich’s solvency ratio fell by 40 percentage points over the course of 2020 on the back of lower interest rates and increased financial market volatility driven by the Covid-19 pandemic.

Healthcare provider Novant sues Zurich over Covid losses on $1.5bn policy

Novant Health has sued a Zurich subsidiary over hundreds of millions of dollars of losses from the Covid-19 pandemic that the North Carolina-based healthcare provider believes are covered under a $1.5bn policy.

ANV increases M&A limits to €40mn with new Zurich support

ANV Global Services has increased the mergers and acquisitions limits it can offer to clients to €40mn ($48mn) after entering a new partnership with Zurich Insurance.

LA Fitness owner sues insurers for $500mn of Covid coverage

Fitness International has sued 11 insurers for coverage of business interruption (BI) losses related to Covid-19 on a policy that was issued after the onset of the pandemic, a move that came days after Beazley filed a lawsuit to avoid providing coverage.

Home Depot hits insurers with $50mn suit over 2014 data breach

Retail giant The Home Depot has sued Zurich and Great American seeking $50mn of coverage on liability policies for a settlement related to a cyber breach in 2014.

Zurich confirms 2021 dividend proposals; adds Keller-Busse to board

Zurich Insurance has received shareholder approval to push forward with its proposed dividend of CHF20 ($21.6) per share, which will be paid from 13 April 2021.

Zurich and Farmers Exchanges complete $4bn MetLife US P&C deal

Zurich Insurance Group offshoot Farmers Group and Farmers Exchanges have completed the $3.94bn acquisition of MetLife’s US property casualty operations.

US Rep. Cleaver: Passing a pandemic insurance bill would be “very difficult”

As the industry continues to debate the insurability of pandemic risk, the chair of the House of Representatives subcommittee that oversees insurance has offered a pessimistic view of the prospects for succesfully passing pandemic insurance backstop legislation

KBW: The Hartford would be “manageable bolt-on” for Allianz

A rival bid for The Hartford from European powerhouse Allianz would be in line with its appetite to strengthen its US presence and represent a “manageable bolt-on” for the company as it looks to deploy capital when attractive opportunities arise, according to KBW analysts.

Zurich launches services unit to target evolving risks

Zurich has launched a new commercial insurance unit to meet growing demand from businesses for risk prevention and mitigation services that enable them to manage evolving risks more effectively.

S&P upgrades Zurich to AA on improved performance

S&P Global Ratings has upgraded Zurich Insurance Company (ZIC) to AA, with the ratings agency now considering ZIC a performance leader among its global multiline insurer (GMI) peer group.

Zurich NA hands Jordan and Heintz permanent promotions

Zurich North America has permanently appointed Kim Jordan and Jim Heintz to regional vice president for the South region and underwriting manager for the South Central area respectively after previously taking the positions on an interim basis.

Detroit casino owner sues Zurich for Covid-19 BI losses on $750mn policy

The owner of a large casino in Detroit has sued Zurich for over $270mn in business interruption (BI) losses resulting from Covid-19, arguing the policy that has $750mn in limit does not exclude virus or communicable disease.

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