Zurich

Zurich’s cancelled German life back-book deal may reflect regulatory scepticism towards PE: Moody’s

Zurich Insurance Group’s cancelled deal to offload part of its traditional life insurance back book in Germany may reflect growing regulatory scrutiny of private equity-backed consolidators, according to Moody’s.

Shareholder returns in focus as Axa, Allianz and Zurich prepare to report Q4 earnings

Later this week it will be the turn of the major European composite insurers to publish Q4 earnings, with Axa and Zurich due to report on Thursday and Allianz to follow on Friday.

Zurich accuses Greensill of fraud in latest legal salvo

Zurich has accused collapsed supply chain finance company Greensill Capital, along with its founder Lex Greensill, steel magnate Sanjeev Gupta and certain of their companies, of orchestrating a “fraudulent scheme” to deceive the insurer and its underwriters.

Wright’s ResiFlood loses Zurich capacity in seven states and offers E&S alternative

Wright National Flood Insurance Company’s ResiFlood program has lost the capacity support of Zurich in seven states, with the Brown & Brown-owned MGA offering policyholders the possibility of switching to its newly launched Lloyd’s-backed FocusFlood offering.

Zurich North America head of PL and cyber Chia exits for Axa XL CUO role

Zurich North America’s head of professional liability and cyber Michelle Chia has left her position with the Schaumburg, Illinois-based carrier and is set to become Axa XL’s chief underwriting officer for cyber in the US, The Insurer can reveal.

Zurich’s €20bn German life back-book deal collapses

Zurich Insurance Group has said a previously announced deal to offload its traditional life insurance back book in Germany has fallen through, with legacy acquirer Viridium Group pulling out of the transaction.

Zurich’s Meador and Hoch given new roles in direct markets and RCIS shake-up

Zurich North America has made a series of management changes in its direct markets and crop business, with Jason Meador and Dalynn Hoch handed new roles.

Zurich targets commercial lines in fifth global start-up program

Zurich has launched the fifth edition of its global startup program, the Zurich Innovation Championship.

Axis names Liberty Mutual’s Cueman head of US construction

Axis has named Liberty Mutual's Mike Cueman head of construction in the US, a newly created role reporting directly to global head of construction Steve Cross as well as head of North America Michael McKenna as part of a matrixed structure.

Zurich names Jaksic to succeed De Nil as Benelux CEO

Zurich has promoted Drazen Jaksic to the role of CEO of the Benelux region across Belgium, Luxembourg and the Netherlands.

Shifting legal environment will “systemically” impact European D&O: Zurich CUO

Evolutions in the European legal landscape will pose the “greatest systemic shift” to insurance portfolios over the next few years, Zurich group chief underwriting officer Penny Seach has warned, with potential to systemically impact the structure of reinsurance programmes in the liability space.

Zurich’s Quinn: Insurance industry cannot ignore sustainability

Sustainability is a fundamental element of the industry’s purpose and its capacity to build resilience, according to Zurich’s chief financial officer George Quinn.

MS Amlin, Liberty Mutual and Zurich settle ~£1bn Stonegate BI dispute

MS Amlin, Liberty Mutual and Zurich have settled a multi-million pound legal battle against Britain’s biggest pub group Stonegate on Covid-19 business interruption losses, a dispute which was watched keenly because of the significant quantum involved and the queue of similar cases in the pipeline.

Zurich aims to grow fee-based income through Farmers’ acquisitions: CFO Quinn

Zurich’s $760mn acquisition of three brokerages and the flood program servicing arm of the Farmers Exchanges offers the carrier a pragmatic opportunity to expand its fee-based businesses, according to group CFO George Quinn.

Zurich posts 8% growth in GWP to $34.6bn as it supports Farmers with $760mn acquisitions

Zurich Insurance Group has posted $34.59bn in gross written premiums (GWP) in its P&C operations for the first nine months of 2023, underpinned by rate change of 6 percent and confirmation that nat cat losses will remain within FY23 guidance.

Zurich to acquire 51% stake in Kotak General Insurance for $488mn

Zurich has entered a strategic alliance with Kotak Mahindra Bank through the proposed $488mn acquisition of a 51 percent stake in Kotak General Insurance.

Zurich pushes for Nordic growth under Fritz leadership

Zurich has elevated Mattias Fritz to the role of CEO of Zurich Nordic, as part of the insurer’s aim to drive further growth in the region.

Nationwide launches credit/political risk vertical with hire of Zurich’s Labbat

Nationwide E&S/Specialty is launching a new specialty division focused on global credit and political risk led by Lillian Labbat, who has joined from Zurich North America, The Insurer can reveal.

Farmers to cut agents’ base commission rates “for most products” in December

Farmers Insurance near the end of this year will reduce its base commission rates for agents on both new and renewal business “for most products in our most challenging markets”, The Insurer can reveal.