Swiss Re News

Brazil Reinsurer IRB Eyes Purchase of Foreign Competitors’ Portfolios: Sources

Brazilian reinsurer IRB Brasil Resseguros SA is in advanced negotiations to buy rivals’ portfolios in Brazil and elsewhere in Latin America as foreign competitors scale back in the region, two sources close to the company told Reuters. Any such acquisition …

Insurtech Zego Expands Partnership with RSA to Provide Cover for UK Van Fleets

London-based insurtech Zego has expanded its partnership with RSA Insurance to provide flexible cover for van fleets. Zego is offering usage-based policies to delivery, courier or trade van fleets of 20-200 vehicles in the UK – reducing upfront costs for …

Swiss Re Reports Q1 Loss of $225M as Impact of COVID-19 Crisis Begins to Hit

Reinsurer Swiss Re swung into a net loss in the first quarter of 2020 as the impact of the coronavirus outbreak began to bite, it said on Thursday. The Zurich-based company booked a hit of $476 million for anticipated and …

Swiss Re Appoints Haycock as Its First Chief Data Officer

Swiss Re announced that Ian Haycock has been appointed to the newly created role of chief data officer as of May 1, 2020. Together with Youngran Kim, who started as the group chief technology officer this month, Haycock will further …

Failure to Act on Climate Change Could Make Weather Risks Uninsurable: Swiss Re

Global warming will lead to growing intensity and frequency of severe weather events, rising losses, as well as greater uncertainty in the assessment of these events by the insurance industry, which could make some weather risks uninsurable, according to a …

Olympics’ Postponement Likely to Cost Insurers Much Less than Cancellation

Delaying the Olympics is likely to cost insurers much less than canceling the Tokyo Games altogether, with a chance that some of those involved may not have policies specifically covering a postponement, industry sources say. The Tokyo Olympics were postponed …

Swiss Re Names da Victoria Lobo as Market Executive for Western, Southern Europe

Swiss Re has announced that Nikhil da Victoria Lobo, currently managing director and head of Americas for its Public Sector Solutions (PSS) Division, has been appointed market executive for Western and Southern Europe (WSE) for reinsurance, effective July 1, 2020. …

Swiss Re Launches Digital Market Center Supported by Microsoft Data Analytics, AI Tools

Swiss Re has formed a strategic alliance with Microsoft Corp., which is providing digital tools to support Swiss Re’s new Digital Market Center. The Digital Market Center is designed to help develop next-generation, large-scale tools to transform the way the …

Update: Swiss Re Plans to Make UBS CEO Ermotti Its Chairman in 2021

Swiss Re plans to make UBS Group Chief Executive Sergio Ermotti its chairman from next year, the world’s second-biggest reinsurer said on Tuesday, turning to a financial industry veteran with scant insurance experience. Swiss Re has nominated Ermotti, who is …

Swiss Re 2019 Profit Hit by Natural Disasters, U.S. Casualty Claims

Reinsurer Swiss Re reported on Thursday a smaller-than-expected profit in 2019 due to claims for a series of man-made and natural disasters, as well as expenses for its U.S. casualty business, sending its shares lower. Net profit in the year …