Articles by Jan-Henrik Förster

Swiss Re Hikes Corporate Debt Holdings, Cuts Risky Government Bonds

The European Central Bank has turned government bonds into one of the riskiest asset classes, prompting Swiss Re AG to move more of its investments into corporate debt, according to the reinsurer’s chief investment officer. “If you’re looking for a …

Zurich’s New CEO Greco Reorganizes Company, Simplifying Structure

Zurich Insurance AG’s new chief executive officer, Mario Greco, is shaking up the largest Swiss insurer after an unexpected jump in claims last year forced it to abandon a takeover and prompted his predecessor’s exit. Zurich is merging its biggest …

Update: German Flood Claims Estimated at $1.1B, Says Fitch Ratings

Insurers will face higher-than-expected claims related to floods in Germany, according to Fitch Ratings, dealing another blow to an industry squeezed by low interest rates and decreasing prices for policies. Claims linked to torrential rain, thunderstorms and floods that hit …

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’s Q1 Net Income Down 28% to $875M, Beating Analysts’ Expectations

Zurich Insurance Group AG, Switzerland’s biggest insurer, posted a first-quarter profit that beat analysts’ expectations as Chief Executive Officer Mario Greco continues the overhaul of its biggest unit. Net income fell 28 percent to $875 million from $1.22 billion a …

Swiss Re Q1 Net Income Down 15% to $1.23B; New Head of Reinsurance Named

Swiss Re AG, the world’s biggest reinsurer, reported lower first-quarter profit as the company bulked up its reserves and pricing in the industry remained under pressure. Net income dropped to $1.23 billion from $1.44 billion a year earlier, the Zurich-based …

Catastrophe Reinsurance Prices Will Continue to Drop This Year: Swiss Re

Reinsurance prices will continue to fall this year as competition for customers from hedge funds and other sources of alternative capital send premiums to their lowest in four years, according to Swiss Re AG. “Price reductions have slowed down but …

Zurich Chairman Predicts Improved Results; New CEO Greco Reviews Strategy

Zurich Insurance Group AG will see improving results this year after taking steps to cut costs and overhaul units following unexpected losses at its general insurance unit, according to Chairman Tom de Swaan. “The implementation of these measures is going …

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 …

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 …