Switzerland News

Insurance Sector Set to Overtake Banking in Switzerland

Switzerland’s financial center is in the midst of a power shift. The Alpine country’s less fashionable insurers, long overshadowed by glamorous private banks around Zurich’s posh Paradeplatz and Lake Geneva, are on course to surpass banks as a bigger contributor …

Executive Suicides Shock Swiss Business Community

An unusual number of suicides by top executives in Switzerland has prompted introspection in its business community over how senior managers are dealing with stress as its companies struggle to retain their status in the global economy. The death last …

Run-Off Specialty Firm Catalina Agrees to Buy Allianz Suisse Re from Allianz SE

Catalina Holdings (Bermuda) Ltd. announced its wholly owned Swiss subsidiary, Glacier Reinsurance AG, has signed a definitive agreement to acquire Allianz Suisse Ruckversicherungs-Gesellschaft AG from Allianz SE. Allianz Suisse Re is a Swiss regulated reinsurer incorporated in 2007 with the …

Switzerland Is 1st Nation to Lift Iran Sanctions; Re/Insurer Policies Affected

Switzerland is lifting sanctions against Iran after the Gulf state sealed a historic accord with world powers to curb its nuclear program. The move on Wednesday made it the first nation to remove sanctions since the July 14 deal, which …

Zurich Q2 Net Income Falls to $840M From $848M; CEO Weighs RSA Offer

Zurich Insurance Group AG, the Swiss firm considering a bid for the UK’s RSA Insurance Group plc, reported profit that missed analysts estimates as earnings dropped 43 percent at the general insurance unit and it made a loss on unit-linked …

ACE Q2 Profit Climbs in First Earnings Report After Chubb Announcement

ACE Ltd., the insurer that agreed this month to acquire Chubb Corp., said second-quarter profit rose 21 percent as policy sales climbed. Net income increased to $942 million, or $2.86 a share, from $779 million, or $2.28, a year earlier, …

Ruoff Appointed Chief Executive Officer of Tokio Millennium Re

Stephan Ruoff has been appointed chief executive officer of Tokio Millennium Re AG (TMR), a Zurich-based subsidiary of Tokio Marine & Nichido Fire Insurance Co. Ltd. Ruoff has worked with TMR, a global multi-line reinsurer fully backed by the Tokio …

Best Affirms Zurich Insurance and Group ‘A+’ Ratings; Outlook Stable

A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating of ‘A+’ (Superior) and issuer credit rating (ICR) of “aa-” of Swiss-based Zurich Insurance Company Limited (ZIC)), the main operating company of Zurich Insurance Group Ltd. Best …

Best Affirms Catlin Group and Subs ‘A’ Ratings; Outlook Stable

A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a” of the Bermuda-based Catlin Insurance Company Limited (CICL), Catlin Insurance Company (UK) and Catlin Re Switzerland …

Best Affirms ACE Limited, No. Am. P&C Affiliates ‘A+’ Ratings

A.M. Best Co. has affirmed the financial strength ratings (FSR) of ‘A+’ (Superior) and issuer credit ratings (ICR) of “aa” of the North America property/casualty subsidiaries of ACE Limited, which is based in Zurich, as well as its ratings for …