Zurich Insurance Group News

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 …

Generali Shares Drop on Greco’s Decision to Join Zurich as CEO

Assicurazioni Generali SpA dropped to the lowest since July 2013 after Chief Executive Officer Mario Greco said he was leaving the Italian insurer to head Zurich Insurance Group AG. Generali, which has yet to announce a replacement, closed 1.3 percent lower at …

Zurich Names Generali’s Greco as CEO, with Task of Driving Turnaround

Zurich Insurance Group AG hired Assicurazioni Generali SpA’s Mario Greco as chief executive officer, giving him the task of turning around the company, after losses in its general insurance business forced the Swiss insurer to abandon a takeover bid. Greco, 56, will start …

Zurich’s Ratings Remain Unchanged Despite Projected Q4 2015 Losses: A.M. Best

The financial strength rating of A+ (Superior) and the issuer credit rating of “aa-” of Zurich Insurance Co. Ltd. (ZIC) and its rated affiliates are unchanged, following Zurich Insurance Group’s preliminary update on the performance of its general insurance business, …

Update: Zurich Insurance Group Expects Q4 2015 Loss in General Insurance

Zurich Insurance Group AG fell to the lowest in more than three years after Switzerland’s biggest insurer put shareholders on notice that it expects a second straight quarterly loss in its general insurance business. Operating losses in the non-life unit will probably amount to …

Climate Change, Migration Top List of Global Risks: WEF Survey

Climate change and large-scale forced migration are the greatest risks facing the world according to a survey by the World Economic Forum, the organizer of next week’s meeting in Davos. The 2016 report, published Thursday, highlighted the most significant threats …

France’s CNP Assurances in Talks to Buy BTG’s Brazil Insurance Units

French insurer CNP Assurances has entered exclusive talks with Grupo BTG Pactual SA to buy its 51 percent stake in Brazilian insurer Pan Seguros, two sources familiar with the matter said on Tuesday. CNP Assurances has offered 1.6 billion Brazilian reais ($396 million) …

Generali Investors Rattled About Report that Zurich Intends to Poach CEO Greco

Uncertainty over whether Mario Greco will stay on as chief executive of Generali rattled investors in Italy’s top insurer on Monday after a Swiss newspaper reported rival Zurich Insurance was set to poach him. Speculation that Greco, who ran the Swiss group’s insurance business …

Zurich Insurance to Appoint Generali’s Greco as CEO: Swiss Newspaper

Zurich Insurance Group AG will appoint Mario Greco, the head of its Italian rival Assicurazioni Generali SpA, as chief executive officer, Swiss newspaper SonntagsZeitung reported, without saying how it got the information. While Greco, an insurance-industry veteran, hasn’t yet been formally chosen and his …

Zurich Insurance Increases Job Cuts, Relocations by 1,800

Zurich Insurance Group AG, Switzerland’s biggest insurer, is increasing job cuts and relocations to a total of at least 1,800 at the company reduces costs and overhauls its biggest unit. The company will move 300 positions in group operations out of Switzerland by …