Zurich Insurance Group News

Zurich Launches Commercial Insurance Unit; Shea Named as Head

Zurich Insurance Group AG named James Shea to head a new unit that will combine its global corporate and commercial businesses as part of a company-wide restructuring. Shea, 50, joins from American International Group Inc. where he headed global financial …

Zurich Insurance Q2 Net Income Declines 12% on Restructuring, Nat Cats

Zurich Insurance Group AG said second-quarter profit fell 12 percent on higher restructuring charges and claims from natural catastrophes as Chief Executive Officer Mario Greco overhauls the company’s biggest unit. Net income declined to $739 million from $840 million a …

Zurich Buys MAA Takaful Berhad, Expanding in Malaysia Takaful Market

Zurich Insurance Co. Ltd., a subsidiary of Zurich Insurance Group, has completed the acquisition of MAA Takaful Berhad (MAAT), a leading provider of Takaful products in Malaysia, from MAA Group Berhad and Solidarity Group Holding BSC. The combination of MAAT’s …

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 …