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{{short description|Swiss insurance company}} | |||
{{Infobox_Company | | |||
{{Use dmy dates|date=April 2024}} | |||
company_name = Zurich Financial Services | | |||
{{Infobox company | |||
company_logo = ] | | |||
| name = Zurich Insurance Group Ltd. | |||
company_type = ] | | |||
| logo = Zurich Insurance Group logo.svg | |||
company_slogan = Because change happenz | | |||
| logo_size = 250px | |||
foundation = ] | | |||
| image = Zürich Versicherung 2008 2.JPG | |||
location = ], Switzerland | | |||
| image_size = 250px | |||
slogan = Because change happenz | | |||
| image_caption = Headquarters at Mythenquai | |||
key_people = James J Schiro, Chief Executive Officer (Global Operations) and Guy Munnoch, Chief Executive Officer (UK Operations) (Designate) | |||
| former_name = *Zurich Insurance Company (1872–1998) | |||
| num_employees = Approx. 57,000 worldwide | | |||
*Zurich Financial Services (1998–2012) | |||
revenue = $49.3 billion (])| | |||
| type = ] | |||
industry = ]| | |||
| traded_as = {{SWX|ZURN}} | |||
products = ]<br>]<br>]<br>Claims Management | | |||
| key_people = ] (chairman)<br /> ] (CEO) | |||
homepage = | |||
| industry = ] | |||
| services = {{ubl|] |] |] |] |] |] |] |]s |] | ] }} | |||
| revenue = {{increase}} ] 69.87 billion (2021)<ref name="AR2021">{{cite web | |||
|url=https://www.zurich.com/reports/2021/annual-report/|title=Annual Report 2021|publisher=Zurich}}</ref> | |||
| assets = {{decrease}} US$435.826 billion (2021)<ref name="AR2021"/> | |||
| equity = {{decrease}} US$39.170 billion (2021)<ref name="AR2021"/> | |||
| num_employees = 56,000 (2021)<ref name="AR2021"/> | |||
| homepage = {{official URL}} | |||
| foundation = {{start date and age|1872}} | |||
| location = ], Switzerland | |||
}} | }} | ||
'''Zurich Insurance Group Ltd.''' is a Swiss ] company, headquartered in ], and the country's largest insurer.<ref> {{Webarchive|url=https://web.archive.org/web/20120315082210/http://www.bloomberg.com/news/2012-03-13/zurich-financial-board-to-propose-josef-ackermann-as-chairman.html |date=15 March 2012 }}, Bloomberg.com, 13 March 2012; accessed 27 April 2014.</ref> {{As of|2021|post=,}} the group is the world's 112th largest public company according to '']''{{'}} Global 2000s list,<ref> {{Webarchive|url=https://web.archive.org/web/20190314010528/https://www.forbes.com/global2000/list/3/#tab:overall |date=14 March 2019 }} Forbes.com; retrieved 7 March 2020.</ref> and in 2011, it ranked 94th in Interbrand's top 100 brands.<ref> {{webarchive |url=https://web.archive.org/web/20120426183431/http://interbrand.com/en/best-global-brands/best-global-brands-2008/best-global-brands-2011.aspx |date=26 April 2012 }}, Interbrand; retrieved 25 April 2012.</ref> | |||
'''Zurich Financial Services Group''' is a major ] group based in ], ]. | |||
Zurich is a global insurance company which is organized into three core business segments: General Insurance, Global Life and Farmers. Zurich employs 55,000 people, with customers in 215 countries and territories.<ref> {{Webarchive|url=https://web.archive.org/web/20200310235844/https://www.zurich.com/en/about-us/a-global-insurer |date=10 March 2020 }} {{webarchive|url=https://web.archive.org/web/20120421131655/http://www.zurich.com/aboutus/ataglance/whoweare |date=21 April 2012 }}, Zurich.com; retrieved 25 April 2012. Employees and countries served updated 2020 </ref> The company is listed on ]. {{As of|2012|post=,}} it had a shareholders' equity of $34.494 billion.<ref name="ReferenceA"> {{webarchive|url=https://web.archive.org/web/20160306031059/http://zurich.com/internet/main/sitecollectiondocuments/financial-reports/annual-report-2012-en.pdf |date=6 March 2016 }}, zurich.com; accessed 27 April 2014.</ref> | |||
Zurich trades in the ] under the following names: | |||
== Company history == | |||
* ] Insurance Company | |||
=== Zurich Insurance Company (1872–1998) === | |||
* Zurich Commercial | |||
The company was founded in 1872 as a ] company under the name of "Versicherungs-Verein" and at the request of the "Schweiz" transport insurance company (which was founded in 1869 on the initiative of the "Schweizerischen Kreditanstalt"), a subsidiary of the Schweiz Marine Company. It was founded by people who were also board members of the "Schweiz" transport insurance company.<ref>{{cite web |url=https://www.zurich.at/ueber-zurich/pressebereich/unternehmensbezoge-information |title=Aktuelle Zahlen und Daten |publisher=Zurich Insurance Group |access-date=12 March 2020 |archive-date=25 September 2021 |archive-url=https://web.archive.org/web/20210925033206/https://www.zurich.at/ueber-zurich/pressebereich/unternehmensbezoge-information |url-status=live }}</ref> | |||
* Zurich Municipal | |||
* Zurich Difficult Risks | |||
* Zurich Building Guarantee | |||
* Zurich GSG | |||
* Zurich Private Clients | |||
* Zurich Risk Services | |||
* Zurich Global Corporate UK | |||
* ] | |||
* Navigators and General Insurance | |||
* Home and Overseas Insurance | |||
* ] | |||
* Dunbar Bank plc | |||
The business activity began on 1 May 1873. In 1875, ] was added. The company was renamed ''Transport- und Unfall-Versicherungs-Actiengesellschaft "Zurich"''. In 1880 Zurich abandoned the marine business following a significant loss.<ref name="A">{{cite web |url=https://www.zurich.com/en/about-us/a-global-insurer/history-and-heritage |title=History and heritage: Zurich milestones |publisher=Zurich Insurance Group |access-date=12 March 2020 |archive-date=22 September 2022 |archive-url=https://web.archive.org/web/20220922012637/https://www.zurich.com/en/about-us/a-global-insurer/history-and-heritage |url-status=live }}</ref> | |||
Through 1894, it acquired licenses to conduct business in ], ], ], ], ], the rest of ], ], ], the ], ], ], ], ], ], and ]. Due to the change in 1894 from ] to accident and ], it was renamed "Zurich" "Allgemeine Unfall- und Haftpflicht-Versicherungs-Gesellschaft". Due to legal settlements in the area of workers' compensation, it took a risk and entered the ]n market in 1912, starting in the ] of ], ], ], and ] in the ].<ref name="A" /> | |||
In 1915, Zurich acquired its first whole company, "Hispania Compañia General de Seguros" of ] in ]. Ten years later, in 1922, Zurich founded "Vita Lebensversicherungs-Gesellschaft" as an independent ], which soon expanded into neighboring countries. In addition, a branch was established in the ] (the first foreign insurance company to do so). One year later, another branch was established in ].<ref>{{cite web |url=https://www.super-spanisch.de/krankenversicherungen-in-spanien-testbericht/ |title=Krankenversicherungen in Spanien |date=20 October 2019 |publisher=Super Spanisch |access-date=17 March 2020 |archive-date=17 March 2020 |archive-url=https://web.archive.org/web/20200317213129/https://www.super-spanisch.de/krankenversicherungen-in-spanien-testbericht/ |url-status=live }}</ref> | |||
== History == | |||
In 1925, Zurich became the official insurer of all new ] vehicles in ]. The "Zurich Fire Insurance Company of New York" was founded in 1929, the reinsurance company Turegum in 1938 and the "American Guarantee and Liability Company in New York" in 1939.<ref name="A" /> | |||
] | |||
Zurich Insurance Company was founded under the name Versicherungs-Verein in Zurich. On May 1 1873, the Versicherungs-Verein opened for business, initially to provide reinsurance for Schweiz Insurance. | |||
In 1950, it bought a share in "Companhia de Seguros Metrópole S.A." of ]. Five years later, in 1955, ''«Zürich» Allgemeine Unfall- und Haftpflicht-Versicherungs-Gesellschaft'' was renamed ''«Zürich» Versicherungs-Gesellschaft'', a name it still holds today.<ref name="B">{{cite web |url=http://www.zurich.ch/site/pool/diezurich.Par.0001.LangItems.de.File.tmp/meilensteine_de.pdf |title=Meilensteine der Zürich-Geschichte |publisher=Zurich Insurance Group |archive-url=https://web.archive.org/web/20120130164449/http://www.zurich.ch/site/pool/diezurich.Par.0001.LangItems.de.File.tmp/meilensteine_de.pdf |archive-date=30 January 2012 |access-date=22 March 2020}}</ref> | |||
] | |||
Zurich entered the field of accident insurance. The company was renamed Transport-&Unfall-Versicherungs-Actiengesellschaft "Zürich". By 1894, Zurich had received licenses to conduct business in Austria, Prussia, Denmark, Sweden, Norway, the bulk of German states, France, Belgium, Holland, Spain, Poland, Russia, Italy, Luxembourg and Liechtenstein. | |||
Between 1955 and 1976 several companies were acquired, including the "Commonwealth General Assurance Corporation" of ], "Iguazù Compañia de Seguros S.A." from ], "Empire Fire and Marine Insurance Company" from ], "Fidelity and Deposit Company" from ], "Universal Underwriters" from ], "Anglo Americana de Seguros Gerais" from ], "Minerva Group" from ], "Centre Reinsurance Holding" from ], "La Chilena Consolidada", and "Seguros de Vida" from ] and "Seguros Chapultepec" from ].<ref name="A" /> | |||
] | |||
As a result of switching from marine insurance to accident and liability insurance, Zurich changed its name to "Zürich" Allgemeine Unfall-&Haftpflicht-Versicherungs-Aktiengesellschaft. | |||
On the initiative of "Vita Lebensversicherungs-Gesellschaft", the first Vita Parcours (]s) in Switzerland were created in 1968 and ZIM (Zurich Investment Management) was founded in 1990 as an investment management partner for ] and institutional investors in Switzerland. As part of a new brand strategy, "Vita" became "Zurich" Life Insurance Company in 1993, operating in the market under the name "Zürich Leben". While the name "Vita" thus disappeared from the market, it lives on in the "Stiftung Vita Parcours", which was outsourced in 1994. In 1994, "Zürich" took over the Zurich private bank "Rüd, Blass & Cie." Due to refocusing on the insurance business, the private bank was sold again in 2003.<ref name="B" /> | |||
] | |||
Due to legal developments in the field of workers compensation, Zurich ventured into North America, starting its activities in the U.S. Federal States of New York, Illinois, New Jersey, and Massachusetts. | |||
In 1996, Zurich acquired 80 percent of "Kemper Corporation" and 97 percent of "Kemper Financial Service" and in 1997 acquired a majority interest in ]-based "Scudder, Stevens & Clark". Subsequently, Kemper was merged with Scudder to form "Scudder Kemper Investments",<ref>{{cite web |url=https://www.insurancetimes.co.uk/3-zurich-financial-services/1353019.article |title=3. Zurich Financial Services |date=1999 |work=Insurance Times |access-date=25 March 2020 |archive-date=25 March 2020 |archive-url=https://web.archive.org/web/20200325174507/https://www.insurancetimes.co.uk/3-zurich-financial-services/1353019.article |url-status=live }}</ref> which was later renamed "Zurich Scudder Investments". Following the ], on 24 September 2001, Zurich Financial announced it would sell Zurich Scudder, which then had US$370 billion in ], to ] for US$2.5 billion (US$1.2 billion in cash and the rest in assets).<ref>{{Cite news |last=Sorkin |first=Suzanne Kapner With Andrew Ross |date=24 September 2001 |title=Deutsche Bank To Buy Scudder In Deal Worth $2.5 Billion |language=en-US |work=The New York Times |url=https://www.nytimes.com/2001/09/24/world/deutsche-bank-to-buy-scudder-in-deal-worth-2.5-billion.html |access-date=16 July 2022 |issn=0362-4331 |archive-date=16 July 2022 |archive-url=https://web.archive.org/web/20220716070857/https://www.nytimes.com/2001/09/24/world/deutsche-bank-to-buy-scudder-in-deal-worth-2.5-billion.html |url-status=live }}</ref> The transaction was closed on 5 April 2002.<ref>{{Cite web |title=Zurich Scudder Investments |url=https://www.sec.gov/Archives/edgar/data/863209/000008805302000540/ptp.htm |access-date=16 July 2022 |website=www.sec.gov |archive-date=16 July 2022 |archive-url=https://web.archive.org/web/20220716070949/https://www.sec.gov/Archives/edgar/data/863209/000008805302000540/ptp.htm |url-status=live }}</ref> | |||
] | |||
Zurich acquired Hispania Compañia General de Seguros based in Barcelona, Spain. | |||
=== Zurich Financial Services (1998–2012) === | |||
] | |||
In September 1998, Zurich and the financial division of ] merged to form "Zurich Financial Services". This comprised the Swiss company "Zurich Allied AG",<ref>{{cite web |url=https://www.bloomberg.com/profile/company/ZUAN:SW |title=Zurich Allied AG |publisher=Bloomberg |access-date=21 April 2020}}</ref> listed on the ], and the British company "Allied Zurich plc", listed on the ] (]). In 2000, the structure was reorganized under a single ] under Swiss company law. All old shares were replaced by new shares in the newly formed "Zurich Financial Services" (ZFS) with a first ] on the ] in Zurich and a second listing in ].{{cn|date=April 2024}} | |||
Zurich established a branch in Great Britain, followed a year later by Canada. | |||
In 2002, ZFS focused on insurance-related financial products and services. ZFS returned to profitability in 2003, announcing that it had met its targets and posted a profit of US$2.1 billion, compared to a loss of US$3.4 billion a year earlier. Operating income increased 93 percent to $2.3 billion, marking the turnaround. Zurich remained on track in 2004 with net income of US$2.5 billion and operating income of US$3.1 billion, an increase of 36 percent over the previous year. Zurich's net income increased by 30 percent to US$3.2 billion in 2005, and operating income rose by 32 percent to US$3.9 billion. In 2008, "Zurich Financial Services" recorded net income of US$3 billion, compared to a record US$5.7 billion in the previous year.{{cn|date=April 2024}} | |||
] | |||
Zurich established a reinsurance company, Turegum. | |||
In July 2011, Zurich announced that it had signed definitive agreements for a long-term alliance with "] SA" (Santander) over 25 years in ].<ref>{{cite web |url=https://dealbook.nytimes.com/2011/02/22/zurich-financial-buys-santander-insurance-unit/ |title=Zurich Financial Buys Majority Stake in Santander Insurance Unit |date=22 February 2011 |publisher=DealB%k |access-date=21 April 2020 |archive-date=2 October 2019 |archive-url=https://web.archive.org/web/20191002032331/https://dealbook.nytimes.com/2011/02/22/zurich-financial-buys-santander-insurance-unit/ |url-status=live }}</ref><ref>{{cite web |url=https://www.insurancejournal.com/news/international/2011/02/22/187526.htm |title=Zurich in $1.67 Billion Deal with Santander for Latin American Distribution |date=22 February 2011 |publisher=Insurance Journal |access-date=21 April 2020 |archive-date=26 October 2020 |archive-url=https://web.archive.org/web/20201026123622/https://www.insurancejournal.com/news/international/2011/02/22/187526.htm |url-status=live }}</ref> | |||
] | |||
Zurich purchased a participation in the Companhia de Seguros Metrõpole S.A. in Lisbon. | |||
=== Zurich Insurance Group (since 2012) === | |||
] | |||
In April 2012, Zurich Financial Services Ltd changed back to its original name, Zurich Insurance Group Ltd. In a statement, the Group explained the rationale behind the name change. "In recognition of this strategic focus, the reference to financial services in the company name has been replaced by indicating the insurance activity of the Group instead and to specify the purpose accordingly."<ref> {{Webarchive|url=https://web.archive.org/web/20120508210203/http://www.insurancedaily.co.uk/2012/04/04/zurich-name-change-completed/ |date=8 May 2012 }}, InsuranceDaily.co.uk, 4 April 2012; accessed 27 April 2014.</ref> | |||
The former "Zürich" Allgemeine Unfall-&Haftpflicht-Versicherungs-Aktiengesellschaft was renamed "Zürich" Versicherungs-Gesellschaft. | |||
In December 2015, the CEO ] (who died by suicide in May 2016) announced his resignation. Despite years of highly profitable business operations, the focus was put on recent events which forced Senn to step down. Interim chairman {{ill|Tom de Swaan|nl}} took over as acting CEO.<ref>{{Cite web|url=https://www.bloomberg.com/news/articles/2015-12-01/zurich-says-ceo-senn-steps-down-de-swaan-takes-role-temporarily|title=Zurich Insurance CEO Senn Steps Down After Recent 'Setbacks'|last=JeffVogeli|first=Jan-Henrik Foerster JanFoe Jeffrey Voegeli|website=Bloomberg.com|access-date=28 April 2016|archive-date=4 May 2016|archive-url=https://web.archive.org/web/20160504200754/http://www.bloomberg.com/news/articles/2015-12-01/zurich-says-ceo-senn-steps-down-de-swaan-takes-role-temporarily|url-status=live}}</ref> | |||
]-] | |||
Multiple acquisitions took place, including of Commonwealth General Assurance Corporation of Sydney, Iguazù Compañia de Seguros S.A. of Buenos Aires, Empire Fire and Marine Insurance Company of Nebraska, Fidelity and Deposit Company of Maryland, Universal Underwriters of Kansas City, Anglo Americana de Seguros Gerais of Sao Paulo, Minerva Group of Italy, Centre Reinsurance Holding of Bermuda, La Chilena Consolidada and Seguros de Vida of Chile, and Seguros Chapultepec of Mexico. | |||
In January 2016, it was announced that Zurich had hired ], CEO of ] as its next chief executive, and that he would start in May.<ref>{{cite web |last=Arosio |first=Paola |url=http://uk.reuters.com/article/uk-generali-ceo-idUKKCN0V41XP |title=Zurich Insurance poaches Generali chief Mario Greco |publisher=Reuters |date=24 January 2013 |access-date=26 January 2016 |archive-date=27 January 2016 |archive-url=https://web.archive.org/web/20160127014219/http://uk.reuters.com/article/uk-generali-ceo-idUKKCN0V41XP |url-status=dead }}</ref> | |||
] | |||
ZIM (Zurich Investment Management) was founded in Switzerland as an asset management partner for retirement funds and institutional investors. | |||
Zurich Spain launched Klinc in 2018, a Spanish digital company that offers online insurance plans for cars, life, home, devices, and micromobility led by Stefano de Liguoro, Head of Digital at Zurich Seguros.<ref>{{Cite web |last=Ben-Hutta |first=Avi |date=18 July 2018 |title=Zurich Launches Klinc |url=https://coverager.com/zurich-launches-klinc/ |access-date=28 November 2022 |website=Coverager - Insurance news and insights |language=en |archive-date=28 November 2022 |archive-url=https://web.archive.org/web/20221128085525/https://coverager.com/zurich-launches-klinc/ |url-status=live }}</ref> The company sprung from the multinational insurance company Zurich Seguros. In 2021, the company merged with doppo, a digital auto insurance start up. Zurich Klinc is dedicated to promoting a healthy and sustainable lifestyle. As a result, it focuses on promoting and sponsoring sporting events such as the Orbea Monegros, and the Orbea Klasika in Bilbao.<ref>{{Cite web |title=Marktpuls |url=https://www.marktpuls.ch/artikel/permalink/325073 |access-date=28 November 2022 |website=www.marktpuls.ch |language=de |archive-date=28 November 2022 |archive-url=https://web.archive.org/web/20221128085744/https://www.marktpuls.ch/artikel/permalink/325073 |url-status=live }}</ref> | |||
] | |||
Zurich acquired over 80 percent of Kemper Corporation, with two life insurance subsidiaries and 97 percent of Kemper Financial Services. | |||
In November 2021, Zurich signed an acquisition agreement with Texas-based Special Insurance Services.<ref>{{Cite web|date=12 November 2021|title=Zurich acquires Special Insurance Services in Texas|url=http://www.reinsurancene.ws/zurich-acquires-special-insurance-services-in-texas/|access-date=8 February 2022|work=Reinsurance News|language=en|archive-date=8 February 2022|archive-url=https://web.archive.org/web/20220208211526/https://www.reinsurancene.ws/zurich-acquires-special-insurance-services-in-texas/|url-status=live}}</ref> | |||
] | |||
Zurich acquired a majority interest in Scudder, Stevens & Clark, New York. Subsequently, the Kemper activities are merged into Scudder to form Scudder Kemper Investments. | |||
On 3 January 2022, Zurich Insurance Group announced that its Italian subsidiary, Zurich Investments Life S.p.A. had agreed to sell its life and pension back book to the Portuguese insurer and wealth management platform ] (GamaLife), for an undisclosed sum. Zurich said the transaction was expected to release approximately $1.2bn (£907m, €1bn) of capital.<ref>{{Cite web|title=Zurich to sell its Italian life and pensions back book to GamaLife|url=https://www.zurich.com/en/media/news-releases/2022/2022-0103-01|access-date=4 January 2022|website=www.zurich.com|archive-date=4 January 2022|archive-url=https://web.archive.org/web/20220104115730/https://www.zurich.com/en/media/news-releases/2022/2022-0103-01|url-status=live}}</ref><ref>{{Cite web|last=Angeloni|first=Cristian|date=4 January 2022|title=Zurich sells Italian life and pension business|url=https://international-adviser.com/zurich-sells-italian-life-and-pension-business/|access-date=4 January 2022|website=International Adviser|language=en-GB|archive-date=4 January 2022|archive-url=https://web.archive.org/web/20220104115731/https://international-adviser.com/zurich-sells-italian-life-and-pension-business/|url-status=live}}</ref> | |||
] | |||
The Zurich Financial Services Group was created from the merger with the financial services business of UK-based B.A.T Industries p.l.c. Through a dual holding structure, Zurich Financial Services was owned 57% by Swiss-quoted Zurich Allied AG, representing the former shareholders of Zurich Insurance Company, and 43% by London-listed Allied Zurich p.l.c., the de-merged financial services interests of B.A.T Industries p.l.c. | |||
In March 2022, Zurich Insurance Group retired the short logo (a white Z in a blue circle) due to the symbol's association with the ].<ref>{{cite web | |||
] | |||
|url=https://www.telegraph.co.uk/business/2022/03/26/zurich-insurance-axes-z-logo-letter-becomes-putin-symbol/ | |||
The structure was simplified and unified under a single Swiss holding company. Allied Zurich and Zurich Allied shares were replaced by shares of the newly incorporated Zurich Financial Services, with a primary listing in Zurich (ticker symbol: ZURN) and a secondary listing in London (ticker symbol: ZURN.L). | |||
|title=Zurich Insurance axes 'Z' logo across social media as letter becomes Putin symbol | |||
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|date=26 March 2022 | |||
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|archive-url=https://web.archive.org/web/20220327163343/https://www.telegraph.co.uk/business/2022/03/26/zurich-insurance-axes-z-logo-letter-becomes-putin-symbol/ | |||
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}}</ref> | |||
== Core business segments == | |||
==Global operations== | |||
=== |
=== General Insurance === | ||
Zurich's General Insurance business serves individuals, small and medium-sized businesses and major multinational corporations with motor, home, and commercial products and services. | |||
The US consumer market is served primarily by ], the third largest personal lines property & casualty insurance | |||
group in America. Founded in 1928, the ] and their subsidiaries, which are Zurich managed but not Zurich owned, operate in 41 states through a network of 17,000 exclusive agents and 1,100 independent agents. | |||
=== |
=== Global Life === | ||
Zurich's Global Life business offers life insurance,<ref>{{cite web|url=http://www.zurich.com/internet/main/sitecollectiondocuments/presentations/20111201_investorsday_en.pdf|title=Investors' Day – Focus on Execution|page=34|publisher=Zurich.com|access-date=25 April 2012|url-status=dead|archive-url=https://web.archive.org/web/20120312032803/http://www.zurich.com/internet/main/sitecollectiondocuments/presentations/20111201_investorsday_en.pdf|archive-date=12 March 2012}}</ref> savings, investment and pension products. In the United States life insurance is issued by Zurich American Life Insurance Company with offices in ]; ]; and New York City.<ref> {{Webarchive|url=https://web.archive.org/web/20130604070105/http://www.zurichna.com/zna/aboutzurich/zna-home.htm |date=4 June 2013 }}. Zurichna.com (7 May 2013). Retrieved on 4 September 2013.</ref> | |||
In Europe, Zurich's key markets are the United Kingdom, Germany, Switzerland, Italy and Spain. | |||
=== Farmers === | |||
'''UK''' | |||
Zurich's Farmers Insurance segment includes Farmers Management Services, which provides non-claims related management services to the Farmers Exchanges (not owned by Zurich). Zurich also owns the Farmers RE business which includes reinsurance assumed from the Farmers Exchange by the Group. Zurich's ] is the third largest insurance group in the United States.<ref> {{Webarchive|url=https://web.archive.org/web/20130628210628/http://www.farmers.com/farmers_insurance.html |date=28 June 2013 }} Farmers.com. Retrieved 25 April 2012</ref> | |||
=== MetLife === | |||
Zurich Insurance has been a presence in the UK for many years, particularly in the local government or municipal markets. Zurich operates under several different brands, providing ] (property, casualty, motor, life), ]s, investment services and ]. Until the 1998 merger with BAT Industries, the three main companies had been fairly independent. They were: | |||
In December 2020, the Zurich group purchased the property and casualty insurance segment from ] for US$3.6 billion. The purchase, combined with a 10-year cooperation agreement between Farmers and ] is financed by Zurich group with US$2.43 billion while the remaining US$1.51 billion is contributed by Farmers.<ref> {{Webarchive|url=https://web.archive.org/web/20210128205316/https://www.bazonline.ch/zurich-schliesst-milliarden-deal-in-den-usa-ab-435486046416 |date=28 January 2021 }} (in German). ''Basler Zeitung (Wirtschaft)''. Retrieved 11 December 2020.</ref> | |||
== Zurich Ireland == | |||
* ]: general and life insurance | |||
Officially known as Zurich Insurance plc ('ZIP'), Zurich Ireland is a wholly owned subsidiary. ZIP is an Irish insurance company originally incorporated in 1950 and is Zurich Insurance Group's main legal entity for writing non-life insurance business in Europe. ZIP writes non-life insurance business across the European Union through its Irish head office and network of branches.<ref>{{Cite web|url=https://www.zurich.ie/about-us/|title=About Us {{!}} Zurich Ireland|website=www.zurich.ie|language=en|access-date=16 March 2020|archive-date=3 October 2020|archive-url=https://web.archive.org/web/20201003213602/https://www.zurich.ie/about-us/|url-status=live}}</ref> | |||
* ]: life insurance and pensions | |||
* Threadneedle Investments. | |||
In July 2023, it was announced that ZIP would undergo a "cross-border conversion" from a ] in Ireland to a {{lang|de|]}} (stock corporation) in Germany. <ref>{{cite web|url=https://www.zurich.ie/zip-head-office-move|title=Zurich Insurance plc plans to move its corporate head office from Ireland to Germany|access-date=10 August 2023|archive-date=12 July 2023|archive-url=https://web.archive.org/web/20230712202222/https://www.zurich.ie/zip-head-office-move/|url-status=live}}</ref> | |||
Threadneedle Investments is no longer part of the Zurich Group. It was sold to American Express Financial Services in 2004 for an undisclosed sum. | |||
== Zurich North America== | |||
The Zurich brand has been notably promoted in the UK via the sponsorship of the ] ] competition in the UK from ] to ]. | |||
Zurich expanded into US and Canadian market in 1912 to become one of the leading commercial P&C insurance provider. It serves a diverse set of industries including automotive, agriculture, construction, manufacturing, technology and numerous others.<ref>{{Cite web|url=https://www.zurichna.com/about/|title=About North America{{!}} Zurich North America|website=www.zurichna.com|language=en|access-date=16 April 2023|archive-date=21 April 2023|archive-url=https://web.archive.org/web/20230421022555/https://www.zurichna.com/about|url-status=live}}</ref> | |||
== Corporate social responsibility == | |||
===International=== | |||
In 2009, Zurich was awarded Charity Times "Best Insurance Services"<ref> {{Webarchive|url=https://web.archive.org/web/20120306110129/http://www.charitytimes.com/pages/charity_times_awards/pages/2009_winners/2009winners.htm |date=6 March 2012 }}, Charity Times.com; accessed 27 April 2014.</ref> and was shortlisted again in 2010. In 2012 the Zurich Community Trust (UK) won the Cross-Sector Partnership of the Year Award for its partnership with the treatment charity Addaction.<ref> {{webarchive |url=https://web.archive.org/web/20130820025955/http://www.charitytimes.com/awards/hall_of_fame_2012.php |date=20 August 2013 }}; accessed 27 April 2014.</ref> | |||
Zurich's International Businesses division includes operations in Latin America, Asia Pacific and southern Africa. | |||
According to its website, Zurich Community Trust has donated over £60 million since 1972, with the goal of addressing key social issues. It has supported over 600 charities a year, making a measurable impact on the lives of over 80,000 people.<ref> {{webarchive |url=https://web.archive.org/web/20110411135435/http://www.zurich.co.uk/zurichcommunitytrust/aboutus/ourhistory.htm |date=11 April 2011 }}; accessed 27 April 2014.</ref> Zurich was one of the first recipients of the Community Mark from Business in the Community which it has successfully retained for three years.<ref>, bitc.org.uk; retrieved 25 April 2012.</ref> | |||
== Scale== | |||
Today Zurich has offices in more than 50 countries and employs about 57,000 people worldwide. | |||
Zurich wrote USD 49.3 billion in gross written premiums and policy fees worldwide in 2004, achieving a business operating profit of USD 3.1 billion. | |||
On 24 October 2002, Zurich North America hosted a ceremony at the ] honoring the winners of its 2012 K.A.M.P. awards, a program created as a living legacy to the four employees killed on 9/11: John Keohane, Peggy Alario, Kathy Moran and Ludwig Picarro.<ref>{{cite web |url=http://3blmedia.com/News/CSR/Zurich-North-America-Honors-2012-KAMP-Award-Winners |title=Zurich North America Honors 2012 K.A.M.P. Award Winners |publisher=3BL Media |date=9 November 2012 |access-date=26 January 2016 |archive-date=1 February 2016 |archive-url=https://web.archive.org/web/20160201200219/http://3blmedia.com/News/CSR/Zurich-North-America-Honors-2012-KAMP-Award-Winners |url-status=live }}</ref> | |||
==External links== | |||
Company Web Site | |||
*http://www.zurich.com/ | |||
Zurich began a relationship with ], a disaster relief organization based in ], at its Zurich Classic golf tournament in New Orleans.<ref name="communities"/> Over the next five years, more than 1,000 Zurich employees, customers, brokers, and distributors volunteered with SBP to rebuild homes in New Orleans, Staten Island and Joplin, until in April 2014, the company announced that its Z Zurich Foundation would give SBP a $3 million grant over three years.<ref name="communities"/> The grant would go towards creating a Disaster Resilience and Recovery Lab—a disaster relief model that propagates best practices learned in New Orleans after ] to communities affected by future disasters.<ref name="communities">{{cite journal|title=Zurich and St. Bernard Project Use Lessons Learned Post Hurricane Katrina To Help Communities Across America|journal=Insurance Broadcasting|date=25 April 2014|page=1}}</ref> | |||
] | |||
] | |||
In 2011, Zurich launched a free online resource – My Community Starter – designed to make getting involved in community activities more simple.<ref>, TheGuardian.co.uk; retrieved 25 April 2012.</ref> | |||
] | |||
] | |||
In March 2012, Zurich reinforced its commitment to the Z Zurich foundation by making a substantial investment of $100 million.<ref> {{Webarchive|url=https://web.archive.org/web/20160303191952/http://www.4-traders.com/ZURICH-FINANCIAL-SERVICES-2955923/news/Zurich-Financial-Services-Zurich-invests-USD-100-million-into-the-Z-Zurich-Foundation-and-provides-14232510/ |date=3 March 2016 }}, 4-traders.com, 22 March 2012; accessed 27 April 2014.</ref> | |||
] | |||
In March 2013, Zurich announced its global flood resilience program, which aims to enhance community flood resilience by finding innovative ways to increase the impact of disaster risk reduction efforts at community, national and global levels. The first country program is taking place in Mexico and Indonesia. To maximize the community impact of the program, Zurich has formed a strategic alliance with the International Federation of Red Cross and Red Crescent Societies (IFRC).<ref> {{webarchive |url=https://web.archive.org/web/20131018053139/http://www.zurich.com/media/newsreleases/2013/2013-0307-01.htm |date=18 October 2013 }}; zurich.com; accessed 27 April 2014.</ref> | |||
== Financial performance and information == | |||
]]] | |||
Zurich Insurance Group Ltd ("Zurich") is listed on the SIX Swiss Exchange under the ticker ZURN. As of 1 December 2012 there were 148,300,123 fully paid registered shares<ref name="ReferenceA"/> and 124,847 shareholders.<ref name="zurich.com"> {{webarchive|url=https://web.archive.org/web/20160306031059/http://zurich.com/internet/main/sitecollectiondocuments/financial-reports/annual-report-2012-en.pdf |date=6 March 2016 }}, Zurich.com; accessed 27 April 2014.</ref> 24.7% of the holding of the registered shares were private individuals (15.3% of all outstanding shares), 7.2% were foundations and pension funds (4.5% of all outstanding shares) and 68.1% were other legal entities (42.3% of all outstanding shares).<ref name="zurich.com"/> | |||
== Controversies == | |||
In 2006, Zurich Financial Services settled a $171 million case relating to ] and ] in the United States.<ref> {{Webarchive|url=https://web.archive.org/web/20121031021812/http://www.insurancejournal.com/news/national/2006/03/19/66587.htm |date=31 October 2012 }}: "Texas and eight other states have reached a $171 million settlement with Zurich American Insurance Co. relating to bid-rigging and price-fixing in the commercial insurance market."</ref> "Businesses shopping for commercial insurance were deceived into believing they were getting the best deals available," said Abbott. "The whole anti-competitive scheme was an intentional smoke screen by several insurance players to artificially inflate premiums and pay improper commissions to those who brokered the deals." The states included in the settlement were Texas, California, Florida, Hawaii, Maryland, Massachusetts, Oregon, Pennsylvania and West Virginia. Zurich is also required to pay about $122 million<ref> {{webarchive |url=https://web.archive.org/web/20070623181519/http://www.consumeraffairs.com/news04/2006/12/zurich_settlement.html |date=23 June 2007 }}</ref> in refunds to commercial policyholders in a New Jersey class action lawsuit<ref> {{Webarchive|url=https://web.archive.org/web/20070929063803/http://www.insurancebrokerageantitrustlitigation.com/zurich/ |date=29 September 2007 }}: "This website provides general information on the Zurich class action settlement ."</ref> settlement. Zurich Financial Services settled a bid-rigging and improper "finite reinsurance" transactions probe.<ref> {{Webarchive|url=https://web.archive.org/web/20061210064450/http://www.oag.state.ny.us/press/2006/mar/mar27b_06.html |date=10 December 2006 }}: "Attorney General ] and State Insurance Department Superintendent Howard Mills today announced an agreement with one of the world's largest insurance companies to resolve allegations of bid-rigging and improper "finite reinsurance" transactions."</ref> | |||
Zurich Financial agreed to pay $153 million in restitution and penalties and agreed to a series of reforms. Zurich apologized and acknowledged that "certain of its employees violated both acceptable business practices and Zurich's own standards of conduct by engaging in improper bidding practices and the 'finite reinsurance' transactions described in the Assurance of Discontinuance". The states included in the settlement were New York, Connecticut and Illinois.<ref>{{Cite web |date=28 March 2006 |title=Insurer Settles Bid-Rigging Case by Agreeing to Pay $153 Million |url=https://www.nytimes.com/2006/03/28/business/insurer-settles-bidrigging-case-by-agreeing-to-pay-153-million.html |website=New York Times}}</ref> | |||
In May 2007, Zurich Capital Markets, a subsidiary of Zurich Financial Services, paid $16.8 million to settle with the ] for helping four ]s disguise their identities to avoid detection when making frequent trades in ] shares.<ref> {{Webarchive|url=https://web.archive.org/web/20090113112220/http://www.reuters.com/article/governmentFilingsNews/idUSN0735226620070507 |date=13 January 2009 }}: "In order to buy, exchange and redeem shares in these mutual funds, these hedge funds employed deceptive techniques designed to avoid detection by these mutual funds. ZCM came to learn that the hedge funds were utilizing deceptive practices to market-time mutual funds, and nonetheless ZCM provided financing to them and took administrative steps that substantially assisted them", the SEC said.</ref> An SEC director stated, "By knowingly financing their hedge funds clients' deceptive ], ZCM reaped substantial fees at the expense of long-term mutual-fund shareholders".<ref>: "Zurich Capital Markets, a U.S. subsidiary, helped four hedge funds disguise their identities to avoid detection when making frequent trades in mutual-fund shares, a practice called market timing, the SEC said in statement today."</ref> | |||
In 2015, small business owners and property developers in Britain complained that Zurich's British subsidiary, Dunbar Bank, had treated them unfairly by calling in loans quickly in order to wind down its loan book after the parent company pulled out of the specialist UK property market in 2010. They claimed that 71 Dunbar borrowers had been made bankrupt in the following five-year period, many more than by any of Britain's very much larger high street banks.<ref name="The Times 30 March 2015">{{cite news |last=Hurley |first=James |title=Dunbar faces challenge over 'bankruptcy' policy |url=http://www.thetimes.co.uk/tto/business/industries/banking/article4396515.ece |date=30 March 2015 |newspaper=The Times |location=London |access-date=13 May 2015 |archive-date=10 May 2015 |archive-url=https://web.archive.org/web/20150510154542/http://www.thetimes.co.uk/tto/business/industries/banking/article4396515.ece |url-status=live }}</ref> One Dunbar customer wrote: "Dunbar's latest set of accounts show that over 95% of its loan book is now classified as impaired or overdue the equivalent figure for UK Asset Resolution, the country's bad bank, is just 37%".<ref name="Private Eye Issue 1392 15 May 2015">{{cite news |author=<!--Staff writer(s); no by-line.-->|title= Done over by Dunbar| date=15 May 2015|work= ] |location=London| page= 31 }}</ref> | |||
In 2019, the local branch of Zurich Insurance Group was one of four insurance companies fined by Portugal's competition authority ] for "cartel practices" regarding workplace accident, health and ].<ref>Catarina Demony (1 August 2019), {{Webarchive|url=https://web.archive.org/web/20190804154229/https://www.reuters.com/article/portugal-insurance-fine/portugal-competition-watchdog-fines-insurers-over-cartel-practices-idUSL8N24X4C7 |date=4 August 2019 }} '']''.</ref> | |||
In March 2022, Zurich Insurance suspended the use of its logo containing an encircled "Z" on ] due to the widespread international association of ]. The company said in a statement that it wished to avoid how its communications "could be misinterpreted".<ref>{{cite news|date=26 March 2022|title=Zurich Insurance removes Z symbol after letter used to show support for Ukraine war|url=https://www.reuters.com/world/europe/zurich-insurance-removes-z-symbol-after-letter-used-show-support-ukraine-war-2022-03-26/|work=]|accessdate=17 May 2022|archive-date=27 July 2022|archive-url=https://web.archive.org/web/20220727070751/https://www.reuters.com/world/europe/zurich-insurance-removes-z-symbol-after-letter-used-show-support-ukraine-war-2022-03-26/|url-status=live}}</ref> | |||
== See also == | |||
* ] | |||
== References == | |||
{{Reflist|colwidth=30em}} | |||
== External links == | |||
{{Commons category}} | |||
* {{Official website}} | |||
{{Major insurance companies}} | |||
{{Swiss Market Index companies}} | |||
{{Swiss Leader Index companies}} | |||
{{ICISA members}} | |||
{{authority control}} | |||
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Latest revision as of 06:21, 14 December 2024
Swiss insurance company
Headquarters at Mythenquai | |
Formerly |
|
---|---|
Company type | Public |
Traded as | SIX: ZURN |
Industry | Financial services |
Founded | 1872; 152 years ago (1872) |
Headquarters | Zürich, Switzerland |
Key people | Michel Liès (chairman) Mario Greco (CEO) |
Services | |
Revenue | US$ 69.87 billion (2021) |
Total assets | US$435.826 billion (2021) |
Total equity | US$39.170 billion (2021) |
Number of employees | 56,000 (2021) |
Website | www |
Zurich Insurance Group Ltd. is a Swiss insurance company, headquartered in Zürich, and the country's largest insurer. As of 2021, the group is the world's 112th largest public company according to Forbes' Global 2000s list, and in 2011, it ranked 94th in Interbrand's top 100 brands.
Zurich is a global insurance company which is organized into three core business segments: General Insurance, Global Life and Farmers. Zurich employs 55,000 people, with customers in 215 countries and territories. The company is listed on SIX Swiss Exchange. As of 2012, it had a shareholders' equity of $34.494 billion.
Company history
Zurich Insurance Company (1872–1998)
The company was founded in 1872 as a reinsurance company under the name of "Versicherungs-Verein" and at the request of the "Schweiz" transport insurance company (which was founded in 1869 on the initiative of the "Schweizerischen Kreditanstalt"), a subsidiary of the Schweiz Marine Company. It was founded by people who were also board members of the "Schweiz" transport insurance company.
The business activity began on 1 May 1873. In 1875, accident insurance was added. The company was renamed Transport- und Unfall-Versicherungs-Actiengesellschaft "Zurich". In 1880 Zurich abandoned the marine business following a significant loss.
Through 1894, it acquired licenses to conduct business in Austria, Prussia, Denmark, Sweden, Norway, the rest of Germany, France, Belgium, the Netherlands, Spain, Poland, Russia, Italy, Luxembourg, and Liechtenstein. Due to the change in 1894 from transport insurance to accident and liability insurance, it was renamed "Zurich" "Allgemeine Unfall- und Haftpflicht-Versicherungs-Gesellschaft". Due to legal settlements in the area of workers' compensation, it took a risk and entered the North American market in 1912, starting in the states of New York, Illinois, New Jersey, and Massachusetts in the US.
In 1915, Zurich acquired its first whole company, "Hispania Compañia General de Seguros" of Barcelona in Spain. Ten years later, in 1922, Zurich founded "Vita Lebensversicherungs-Gesellschaft" as an independent subsidiary, which soon expanded into neighboring countries. In addition, a branch was established in the United Kingdom (the first foreign insurance company to do so). One year later, another branch was established in Canada.
In 1925, Zurich became the official insurer of all new Ford vehicles in Great Britain. The "Zurich Fire Insurance Company of New York" was founded in 1929, the reinsurance company Turegum in 1938 and the "American Guarantee and Liability Company in New York" in 1939.
In 1950, it bought a share in "Companhia de Seguros Metrópole S.A." of Lisbon. Five years later, in 1955, «Zürich» Allgemeine Unfall- und Haftpflicht-Versicherungs-Gesellschaft was renamed «Zürich» Versicherungs-Gesellschaft, a name it still holds today.
Between 1955 and 1976 several companies were acquired, including the "Commonwealth General Assurance Corporation" of Sydney, "Iguazù Compañia de Seguros S.A." from Buenos Aires, "Empire Fire and Marine Insurance Company" from Nebraska, "Fidelity and Deposit Company" from Maryland, "Universal Underwriters" from Kansas City, "Anglo Americana de Seguros Gerais" from São Paulo, "Minerva Group" from Italy, "Centre Reinsurance Holding" from Bermuda, "La Chilena Consolidada", and "Seguros de Vida" from Chile and "Seguros Chapultepec" from Mexico.
On the initiative of "Vita Lebensversicherungs-Gesellschaft", the first Vita Parcours (fitness trails) in Switzerland were created in 1968 and ZIM (Zurich Investment Management) was founded in 1990 as an investment management partner for redemption funds and institutional investors in Switzerland. As part of a new brand strategy, "Vita" became "Zurich" Life Insurance Company in 1993, operating in the market under the name "Zürich Leben". While the name "Vita" thus disappeared from the market, it lives on in the "Stiftung Vita Parcours", which was outsourced in 1994. In 1994, "Zürich" took over the Zurich private bank "Rüd, Blass & Cie." Due to refocusing on the insurance business, the private bank was sold again in 2003.
In 1996, Zurich acquired 80 percent of "Kemper Corporation" and 97 percent of "Kemper Financial Service" and in 1997 acquired a majority interest in New York-based "Scudder, Stevens & Clark". Subsequently, Kemper was merged with Scudder to form "Scudder Kemper Investments", which was later renamed "Zurich Scudder Investments". Following the September 11 attacks, on 24 September 2001, Zurich Financial announced it would sell Zurich Scudder, which then had US$370 billion in assets under management, to Deutsche Bank for US$2.5 billion (US$1.2 billion in cash and the rest in assets). The transaction was closed on 5 April 2002.
Zurich Financial Services (1998–2012)
In September 1998, Zurich and the financial division of British American Tobacco merged to form "Zurich Financial Services". This comprised the Swiss company "Zurich Allied AG", listed on the Swiss Market Index, and the British company "Allied Zurich plc", listed on the FTSE 100 (Dual-listed Company). In 2000, the structure was reorganized under a single holding company under Swiss company law. All old shares were replaced by new shares in the newly formed "Zurich Financial Services" (ZFS) with a first listing on the SIX Swiss Exchange in Zurich and a second listing in London.
In 2002, ZFS focused on insurance-related financial products and services. ZFS returned to profitability in 2003, announcing that it had met its targets and posted a profit of US$2.1 billion, compared to a loss of US$3.4 billion a year earlier. Operating income increased 93 percent to $2.3 billion, marking the turnaround. Zurich remained on track in 2004 with net income of US$2.5 billion and operating income of US$3.1 billion, an increase of 36 percent over the previous year. Zurich's net income increased by 30 percent to US$3.2 billion in 2005, and operating income rose by 32 percent to US$3.9 billion. In 2008, "Zurich Financial Services" recorded net income of US$3 billion, compared to a record US$5.7 billion in the previous year.
In July 2011, Zurich announced that it had signed definitive agreements for a long-term alliance with "Banco Santander SA" (Santander) over 25 years in Latin America.
Zurich Insurance Group (since 2012)
In April 2012, Zurich Financial Services Ltd changed back to its original name, Zurich Insurance Group Ltd. In a statement, the Group explained the rationale behind the name change. "In recognition of this strategic focus, the reference to financial services in the company name has been replaced by indicating the insurance activity of the Group instead and to specify the purpose accordingly."
In December 2015, the CEO Martin Senn (who died by suicide in May 2016) announced his resignation. Despite years of highly profitable business operations, the focus was put on recent events which forced Senn to step down. Interim chairman Tom de Swaan [nl] took over as acting CEO.
In January 2016, it was announced that Zurich had hired Mario Greco, CEO of Generali as its next chief executive, and that he would start in May.
Zurich Spain launched Klinc in 2018, a Spanish digital company that offers online insurance plans for cars, life, home, devices, and micromobility led by Stefano de Liguoro, Head of Digital at Zurich Seguros. The company sprung from the multinational insurance company Zurich Seguros. In 2021, the company merged with doppo, a digital auto insurance start up. Zurich Klinc is dedicated to promoting a healthy and sustainable lifestyle. As a result, it focuses on promoting and sponsoring sporting events such as the Orbea Monegros, and the Orbea Klasika in Bilbao.
In November 2021, Zurich signed an acquisition agreement with Texas-based Special Insurance Services.
On 3 January 2022, Zurich Insurance Group announced that its Italian subsidiary, Zurich Investments Life S.p.A. had agreed to sell its life and pension back book to the Portuguese insurer and wealth management platform GamaLife – Companhia de Seguros de Vida, S.A. (GamaLife), for an undisclosed sum. Zurich said the transaction was expected to release approximately $1.2bn (£907m, €1bn) of capital.
In March 2022, Zurich Insurance Group retired the short logo (a white Z in a blue circle) due to the symbol's association with the Russian invasion of Ukraine.
Core business segments
General Insurance
Zurich's General Insurance business serves individuals, small and medium-sized businesses and major multinational corporations with motor, home, and commercial products and services.
Global Life
Zurich's Global Life business offers life insurance, savings, investment and pension products. In the United States life insurance is issued by Zurich American Life Insurance Company with offices in Schaumburg, Illinois; Overland Park, Kansas; and New York City.
Farmers
Zurich's Farmers Insurance segment includes Farmers Management Services, which provides non-claims related management services to the Farmers Exchanges (not owned by Zurich). Zurich also owns the Farmers RE business which includes reinsurance assumed from the Farmers Exchange by the Group. Zurich's Farmers Insurance Group is the third largest insurance group in the United States.
MetLife
In December 2020, the Zurich group purchased the property and casualty insurance segment from MetLife for US$3.6 billion. The purchase, combined with a 10-year cooperation agreement between Farmers and MetLife is financed by Zurich group with US$2.43 billion while the remaining US$1.51 billion is contributed by Farmers.
Zurich Ireland
Officially known as Zurich Insurance plc ('ZIP'), Zurich Ireland is a wholly owned subsidiary. ZIP is an Irish insurance company originally incorporated in 1950 and is Zurich Insurance Group's main legal entity for writing non-life insurance business in Europe. ZIP writes non-life insurance business across the European Union through its Irish head office and network of branches.
In July 2023, it was announced that ZIP would undergo a "cross-border conversion" from a public limited company in Ireland to a Aktiengesellschaft (stock corporation) in Germany.
Zurich North America
Zurich expanded into US and Canadian market in 1912 to become one of the leading commercial P&C insurance provider. It serves a diverse set of industries including automotive, agriculture, construction, manufacturing, technology and numerous others.
Corporate social responsibility
In 2009, Zurich was awarded Charity Times "Best Insurance Services" and was shortlisted again in 2010. In 2012 the Zurich Community Trust (UK) won the Cross-Sector Partnership of the Year Award for its partnership with the treatment charity Addaction.
According to its website, Zurich Community Trust has donated over £60 million since 1972, with the goal of addressing key social issues. It has supported over 600 charities a year, making a measurable impact on the lives of over 80,000 people. Zurich was one of the first recipients of the Community Mark from Business in the Community which it has successfully retained for three years.
On 24 October 2002, Zurich North America hosted a ceremony at the 9/11 Tribute Center honoring the winners of its 2012 K.A.M.P. awards, a program created as a living legacy to the four employees killed on 9/11: John Keohane, Peggy Alario, Kathy Moran and Ludwig Picarro.
Zurich began a relationship with SBP, a disaster relief organization based in New Orleans, at its Zurich Classic golf tournament in New Orleans. Over the next five years, more than 1,000 Zurich employees, customers, brokers, and distributors volunteered with SBP to rebuild homes in New Orleans, Staten Island and Joplin, until in April 2014, the company announced that its Z Zurich Foundation would give SBP a $3 million grant over three years. The grant would go towards creating a Disaster Resilience and Recovery Lab—a disaster relief model that propagates best practices learned in New Orleans after Katrina to communities affected by future disasters.
In 2011, Zurich launched a free online resource – My Community Starter – designed to make getting involved in community activities more simple.
In March 2012, Zurich reinforced its commitment to the Z Zurich foundation by making a substantial investment of $100 million.
In March 2013, Zurich announced its global flood resilience program, which aims to enhance community flood resilience by finding innovative ways to increase the impact of disaster risk reduction efforts at community, national and global levels. The first country program is taking place in Mexico and Indonesia. To maximize the community impact of the program, Zurich has formed a strategic alliance with the International Federation of Red Cross and Red Crescent Societies (IFRC).
Financial performance and information
Zurich Insurance Group Ltd ("Zurich") is listed on the SIX Swiss Exchange under the ticker ZURN. As of 1 December 2012 there were 148,300,123 fully paid registered shares and 124,847 shareholders. 24.7% of the holding of the registered shares were private individuals (15.3% of all outstanding shares), 7.2% were foundations and pension funds (4.5% of all outstanding shares) and 68.1% were other legal entities (42.3% of all outstanding shares).
Controversies
In 2006, Zurich Financial Services settled a $171 million case relating to bid rigging and price fixing in the United States. "Businesses shopping for commercial insurance were deceived into believing they were getting the best deals available," said Abbott. "The whole anti-competitive scheme was an intentional smoke screen by several insurance players to artificially inflate premiums and pay improper commissions to those who brokered the deals." The states included in the settlement were Texas, California, Florida, Hawaii, Maryland, Massachusetts, Oregon, Pennsylvania and West Virginia. Zurich is also required to pay about $122 million in refunds to commercial policyholders in a New Jersey class action lawsuit settlement. Zurich Financial Services settled a bid-rigging and improper "finite reinsurance" transactions probe.
Zurich Financial agreed to pay $153 million in restitution and penalties and agreed to a series of reforms. Zurich apologized and acknowledged that "certain of its employees violated both acceptable business practices and Zurich's own standards of conduct by engaging in improper bidding practices and the 'finite reinsurance' transactions described in the Assurance of Discontinuance". The states included in the settlement were New York, Connecticut and Illinois.
In May 2007, Zurich Capital Markets, a subsidiary of Zurich Financial Services, paid $16.8 million to settle with the United States Securities and Exchange Commission for helping four hedge funds disguise their identities to avoid detection when making frequent trades in mutual fund shares. An SEC director stated, "By knowingly financing their hedge funds clients' deceptive market timing, ZCM reaped substantial fees at the expense of long-term mutual-fund shareholders".
In 2015, small business owners and property developers in Britain complained that Zurich's British subsidiary, Dunbar Bank, had treated them unfairly by calling in loans quickly in order to wind down its loan book after the parent company pulled out of the specialist UK property market in 2010. They claimed that 71 Dunbar borrowers had been made bankrupt in the following five-year period, many more than by any of Britain's very much larger high street banks. One Dunbar customer wrote: "Dunbar's latest set of accounts show that over 95% of its loan book is now classified as impaired or overdue the equivalent figure for UK Asset Resolution, the country's bad bank, is just 37%".
In 2019, the local branch of Zurich Insurance Group was one of four insurance companies fined by Portugal's competition authority AdC for "cartel practices" regarding workplace accident, health and auto insurance.
In March 2022, Zurich Insurance suspended the use of its logo containing an encircled "Z" on social media due to the widespread international association of an enclosed "Z" as a support of Russian violence against Ukrainians. The company said in a statement that it wished to avoid how its communications "could be misinterpreted".
See also
References
- ^ "Annual Report 2021". Zurich.
- "Zurich Says Board Will Propose Ackermann as Chairman" Archived 15 March 2012 at the Wayback Machine, Bloomberg.com, 13 March 2012; accessed 27 April 2014.
- "The World's Biggest Public Companies" Archived 14 March 2019 at the Wayback Machine Forbes.com; retrieved 7 March 2020.
- "Best Global Brands 2011" Archived 26 April 2012 at the Wayback Machine, Interbrand; retrieved 25 April 2012.
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External links
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- Zurich Insurance Group
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- Swiss companies established in 1872
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- Multinational companies headquartered in Switzerland
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