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Revision as of 19:50, 6 December 2006
| File:Zurich Financial.PNG | |
| Company type | Public |
|---|---|
| Industry | Financial Services |
| Founded | 1872 |
| Headquarters | Zurich, Switzerland |
| Key people | James J Schiro, Chief Executive Officer (Global Operations) and Guy Munnoch, Chief Executive Officer (UK Operations) (Designate) |
| Products | Insurance Investments Pensions Claims Management |
| Revenue | $49.3 billion (2004) |
| Number of employees | Approx. 57,000 worldwide |
| Website | www.zurich.com |
Zurich Financial Services Group is a major financial services group based in Zurich, Switzerland.
Zurich trades in the United Kingdom under the following names:
- Zurich Insurance Company
- Zurich Commercial
- Zurich Municipal
- Zurich Difficult Risks
- Zurich Building Guarantee
- Zurich GSG
- Zurich Private Clients
- Zurich Risk Services
- Zurich Global Corporate UK
- Eagle Star Insurance
- Navigators and General Insurance
- Home and Overseas Insurance
- Allied Dunbar Assurance
- Dunbar Bank plc
History
1872 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.
1875 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.
1894 As a result of switching from marine insurance to accident and liability insurance, Zurich changed its name to "Zürich" Allgemeine Unfall-&Haftpflicht-Versicherungs-Aktiengesellschaft.
1912 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.
1915 Zurich acquired Hispania Compañia General de Seguros based in Barcelona, Spain.
1922 Zurich established a branch in Great Britain, followed a year later by Canada.
1938 Zurich established a reinsurance company, Turegum.
1950 Zurich purchased a participation in the Companhia de Seguros Metrõpole S.A. in Lisbon.
1955 The former "Zürich" Allgemeine Unfall-&Haftpflicht-Versicherungs-Aktiengesellschaft was renamed "Zürich" Versicherungs-Gesellschaft.
1955-1976 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.
1990 ZIM (Zurich Investment Management) was founded in Switzerland as an asset management partner for retirement funds and institutional investors.
1996 Zurich acquired over 80 percent of Kemper Corporation, with two life insurance subsidiaries and 97 percent of Kemper Financial Services.
1997 Zurich acquired a majority interest in Scudder, Stevens & Clark, New York. Subsequently, the Kemper activities are merged into Scudder to form Scudder Kemper Investments.
1998 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.
2000 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).
Global operations
North America
The US consumer market is served primarily by Farmers Insurance, the third largest personal lines property & casualty insurance group in America. Founded in 1928, the Farmers Exchanges 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.
Europe
In Europe, Zurich's key markets are the United Kingdom, Germany, Switzerland, Italy and Spain.
UK
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 insurance (property, casualty, motor, life), pensions, investment services and internet banking. Until the 1998 merger with BAT Industries, the three main companies had been fairly independent. They were:
- Eagle Star: general and life insurance
- Allied Dunbar: life insurance and pensions
- Threadneedle Investments.
Threadneedle Investments is no longer part of the Zurich Group. It was sold to American Express Financial Services in 2004 for an undisclosed sum.
The Zurich brand has been notably promoted in the UK via the sponsorship of the Zurich Premiership rugby union competition in the UK from 2000 to 2005.
International
Zurich's International Businesses division includes operations in Latin America, Asia Pacific and southern Africa.
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.
External links
Company Web Site
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