Articles by Jan-Henrik Förster and Jeffrey Vögeli

Update: Zurich Returns to Profit in Q4 2016 with Net Income of $685M

Zurich Insurance Group AG fell in Zurich trading after posting a quarterly profit supported by one-time gains as Chief Executive Officer Mario Greco presses ahead with an overhaul of Switzerland’s largest insurer. Net income for the three months through December …

Credit Suisse, Deutsche Bank Settle Subprime Mortgage Probes with U.S.

Deutsche Bank AG and Credit Suisse Group AG agreed to pay a combined $12.5 billion to resolve U.S. investigations into sales of the toxic debt that fueled the financial crisis, putting behind them a major dispute that undermined confidence in …

Zurich to Cut Costs by $1.5B with Simplification ‘Name of Game’: CEO Greco

Zurich Insurance Group AG plans to cut costs by $1.5 billion from 2015 through 2019 as Chief Executive Officer Mario Greco overhauls Switzerland’s largest insurer and seeks to boost the firm’s dividend. The new plan replaces a previous goal to …

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’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 …

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 …

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, …

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 …

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, …