Zurich Insurance Group News

Credit Suisse Sells Operational Risk Bonds, Insuring Rogue Trading, Cyber Crime

Credit Suisse Group AG sold 220 million Swiss francs ($222 million) of bonds designed to offload potential losses on events like rogue trading, with some investors sidestepping the issue because of the incalculable risk. The second-largest Swiss lender initially planned …

Zurich Canada Appoints Healey as Sr. VP, Distribution & Regional Management

Zurich Canada has appointed Patrick Healey as senior vice president, Distribution and Regional Management. Healey will be responsible for leading and managing broker relationships and supporting market-facing underwriting colleagues towards the goal of continuing to make Zurich more customer focused, …

Zurich Needs Clear, Simple Strategy to Rebuild Investor Trust: New CEO Greco

Zurich Insurance Group AG needs a clear and simple strategy to rebuild investor confidence as the company tries to turn around its struggling general insurance unit, said Mario Greco, the firm’s new chief executive officer. “We need to rebuild the …

Generali Set to Nominate Donnet as CEO, Succeeding Greco: Sources

Assicurazioni Generali SpA is set to propose Italy country manager  Philippe Donnet as chief executive officer, replacing Mario Greco, who has joined Zurich Insurance Group AG, according to two people with knowledge of the discussions. Generali’s appointments and corporate governance …

Zurich Insurance’s Ex-CEO Senn Received Remuneration of $6.3M in 2015

Zurich Insurance paid Martin Senn, its former CEO, 6.1 million Swiss francs ($6.3 million) during 2015, down from 7.2 million Swiss francs ($7.9 million) in 2014, the company reported. (The Swiss franc to U.S. dollar conversions were calculated by Zurich). …

Update: Zurich Insurance Weighs Sale of Hong Kong & Singapore Units

Zurich Insurance is exploring a sale of its Hong Kong and Singapore operations as it reviews its non-core businesses outside Europe, sources familiar with the matter said. The Swiss insurer has discussed the plan with several investment banks but has yet to …

Risk Accumulation Aggravated Zurich’s Tianjin Port Explosion Losses: Chairman

Zurich Insurance Group AG is fixing how it detects risks after miscommunication among units aggravated losses from a port explosion in China last year, Chairman and acting Chief Executive Officer Tom de Swaan said. “There was accumulation of risk there, which …

Zurich Insurance Plans to Sell South Africa & Morocco Units: Sources

Zurich Insurance Group AG has started a process to sell its units in South Africa and Morocco as it works toward turning around its money-losing insurance operations, according to people familiar with the matter. Zurich is working with financial advisers on the sale of …

Update: Zurich Reports 4Q Loss of $424M, vs. Profit of $860M in Q4 2014

Zurich Insurance Group AG reported a worse-than-expected loss in the fourth quarter as the company makes plans to turn around its unprofitable general insurance unit. The net loss was $424 million compared with a profit of $860 million a year earlier, Switzerland’s biggest insurer …

Zurich Prepared to ‘Walk Away From Some Risks’ to Improve Performance

Zurich Insurance Group AG is “prepared to shrink” some of its businesses after being caught off guard by the scale of claims it had to absorb last year, according to Cecilia Reyes, the company’s chief risk officer. “We were surprised, obviously, by the …