Zurich Insurance Group News

Zurich Insurance Confirms Offer for RSA – if Made – Would Be in Cash

Zurich Insurance Group AG said any offer for RSA Insurance Group would probably be in cash. Wednesday’s statement from Zurich means “there’s a very high likelihood that it will come through with an offer in the next few weeks.” said Ben Cohen, a London-based analyst …

Friday Afternoon Scam Cost Hedge Fund $1.2 Million – and CFO’s Job

The finance chief at Fortelus Capital Management LLP got an alarming phone call just as he was getting ready to leave work on a Friday. The caller said he was from Coutts, the London-based hedge fund’s bank, and warned there …

Reyes, Angehrn in New Posts on Zurich’s Group Executive Committee

The Zurich Insurance Group announced that Cecilia Reyes, currently Chief Investment Officer and Regional Chairman of Asia Pacific, will become Chief Risk Officer, effective July 1, 2015, succeeding Axel P. Lehmann. Urban Angehrn, currently Head of Alternative Investments, will become …

Zurich Aims to Cut Costs by $1B, Seeking to Reverse Earnings Decline

Zurich Insurance Group AG, Switzerland’s biggest insurer, will cut costs by more than planned as it seeks to reverse a drop in earnings. Chief Executive Officer Martin Senn said he will make additional annual savings of at least $1 billion by …

In Land of Negative Yields, Even Conservative Insurers Eye Junk Bond Investments

The new fixed-income haven is, of all things, the market for junk bonds. With government securities in Germany to Japan and Ireland yielding less than nothing, money is pouring into exchange- traded funds that buy speculative-grade debt, traditionally the riskiest …

Zurich Calls for ‘Supranational’ Oversight to Strengthen Cyber Security

A new report on cyber governance commissioned by Zurich Insurance Group highlights challenges to digital security and identifies new opportunities for business. The sturdy calls for the “establishment of guiding principles to build resilience and the establishment of supranational governance …

Global Insurers, Brokers Establish Micro Insurance Consortium

A group of global insurance companies and brokers took advantage of the World Economic Forum meeting in Davos to announce that they have established a micro insurance consortium and micro insurance venture incubator (MVI). Among the companies taking part in …

Best Assigns Ratings to Zurich’s Irish Subsidiary, ZIP

A.M. Best has assigned the financial strength rating of ‘A+’ (Superior) and an issuer credit rating (ICR) of “aa-” to Zurich Insurance plc (ZIP), which is based in Ireland, and is a “key operating subsidiary of Zurich Insurance Group Ltd …

Zurich Profit Misses Estimates on General Insurance, Taxes

Zurich Insurance Group AG, Switzerland’s biggest insurer, reported third-quarter profit that missed analysts’ estimates as income from general insurance fell while taxes rose. Net income fell to $928 million from $1.1 billion a year earlier, below the $1.04 billion average …

Zurich Insurance Names Sharma General Insurance Chief for UK

Zurich Insurance Group AG, Switzerland’s biggest insurer, named group controller Vibhu Sharma to head of general insurance operations for the U.K. Sharma, 48, will start in April, Louise Zucchi, company spokeswoman, said in an e-mailed statement today. He will replace …