In this post, we talk about Zurich Insurance Group Ltd., a leading multi-line insurer. This group serves its customers in both global and local markets. See also the History of Zurich, its financial services, CEO, Subsidiaries, and many more.
Zurich Insurance Group Ltd. is the largest insurer in Switzerland and it has its headquarters there. The firm was placed 94th in Interbrand’s top 100 brands in 2011, and according to Forbes’ Global 2000s list, it will be the 112th largest public corporation in the world as of 2021. General Insurance, Global Life, and Farmers make up the three main business segments of Zurich, a multinational insurer. Zurich has 55,000 employees and clients in 215 nations and territories. The business is a SIX Swiss Exchange-listed corporation. It also had $34.494 billion in shareholders’ equity as of 2012.
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History of Zurich Insurance Group Ltd.
Zurich Insurance company (1872-1998)
The “Versicherungs-Verein” reinsurance firm, a subsidiary of the Schweiz Marine Company, requested the establishment of the “Schweiz” transport insurance firm. The firm was established in 1869 at the suggestion of the “Schweizerischen Kreditanstalt.” It was established by individuals who served on the board of the “Schweiz” transport insurance firm.
On May 1, 1873, the business activity started. Accident insurance was implemented in 1875. Transport- und Unfall-Versicherungs-Actiengesellschaft “Zurich” is the new name of the business. Thus Zurich gave up on the marine industry in 1880 after suffering a considerable loss.
It obtained permits to operate in Austria, Prussia, Denmark, Sweden, and Norway through 1894. The remainder of Germany, France, Belgium, the Netherlands, Spain, Poland, Russia, Italy, Luxembourg, and Liechtenstein are also included. It was renamed “Zurich” “Allgemeine Unfall- und Haftpflicht-Versicherungs-Gesellschaft” because it switched from transport insurance to accident and liability insurance in 1894. It took a chance and entered the North American market in 1912 as a result of court settlements in the workers’ compensation sector.
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Establishing a stand-alone
Zurich established “Vita Lebensversicherungs-Gesellschaft” as a stand-alone subsidiary ten years later, in 1922. thereby extending to nearby nations. A branch was additionally formed in the UK (the first foreign insurance company to do so). Another branch was formed in Canada a year later.
The official insurer of all new Ford automobiles in Great Britain since 1925 has been Zurich. The reinsurance firm Turegum, the American Guarantee and Liability Company in New York, and the Zurich Fire Insurance Company of New York were all established in 1929, 1938, and 1939, respectively.
It acquired a stake in the Lisbon-based “Companhia de Seguros Metrópole S.A.” in 1950. Five years later, in 1955, the company changed its name to Zürich Versicherungs-Gesellschaft. The “Commonwealth General Assurance Corporation” of Sydney and “Iguazù Compania de Seguros S.A.” were among the businesses acquired between 1955 and 1976. The first Vita Parcours in Switzerland was established in 1968, and ZIM (Zürich Investment Management) was established in 1990 as an investment management partner for redemption funds and institutional investors in Switzerland.
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The Purchase
Zurich purchased 80% of “Kemper Corporation” and 97% of “Kemper Financial Service” in 1996. Acquired a majority stake in Scudder, Stevens & Clark, a New York-based company, also in 1997. On September 24, 2001, Zurich Financial announced that it will sell Zurich Scudder in the wake of the September 11 attacks. The acquisition was finalized on April 5, 2002.
Zurich Financial Services (1998-2012)
Zurich and British American Tobacco’s financial sector amalgamated to establish “Zurich Financial Services” in September 1998. This included the Swiss corporation Zurich Allied AG and the British company Allied Zurich plc, both of which are listed on the FTSE 100. (Dual-listed Company). Under Swiss company law, the structure was reformed in 2000 under a single holding company. Zurich and British American Tobacco’s financial sector amalgamated to establish “Zurich Financial Services” in September 1998. This included the Zurich Allied AG, a Swiss firm listed on the Swiss Market Index. Allied Zurich plc, a British firm that is listed on the FTSE 100, is also included. In 2005, Zurich’s operating income increased by 32% while its net income increased. Zurich Financial Services reported a net income of US$3 billion in 2008 as opposed to US$5.7 billion in 2007, which set a record.
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They announced signing a 25-year deal with a Latin American company in 2011
Zurich Insurance Group (Since 2012)
Zurich Financial Services Ltd became Zurich Insurance Group Ltd in April 2012. The CEO Martin Senn announced his resignation in December 2015; he passed away by suicide in May 2016. Despite years of extremely successful company operations, attention was drawn to recent developments that led to Senn’s resignation. Acting CEO Tom de Swaan [nl] replaced the interim chairman.
The announcement that Mario Greco, CEO of Generali, had been chosen by Zurich as its next CEO and will begin in May was made in January 2016. In 2018, Klinc, a Spanish digital startup that provides online insurance coverage for devices, homes, lives, and cars, was established in Zurich Spain.
Furthermore, the business joined with doppo, a start-up offering digital auto insurance, in 2021. Zurich and Texas-based Special Insurance Services reached an acquisition agreement in November 2021.
The Italian unit of Zurich Insurance Group agreed to sell its life and pension back book, the company stated on January 3, 2022. For an undisclosed fee, it was to be sold to the Portuguese financial management and insurance company GamaLife. The short logo was discontinued by Zurich Insurance Group in March 2022 because it had come to symbolize Russia’s invasion of Ukraine.
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Zurich Subsidiary: Ireland
Zurich Ireland is a completely owned subsidiary of Zurich Insurance plc (abbreviated ZIP). Thus the primary legal vehicle for writing non-life insurance business for Zurich Insurance Group in Europe is ZIP, an Irish insurance company founded in 1950. Through its Irish headquarters and branch network, ZIP also writes non-life insurance businesses throughout the European Union.
About Zurich Insurance Group Ltd.
Leading multi-line insurance in Zurich provides client service in both local and international markets. It has around 56,000 people and operates in more than 210 countries and territories, offering a wide variety of life and property insurance products and services. Individuals, small enterprises, mid-sized and large firms, as well as global corporations, are among Zurich’s clients.
CEO Zurich Insurance Group Ltd.
In March 2016 Mario Greco became the Group CEO and a member of the Executive Committee in Zurich. From 1986 to 1994, Mr. Greco worked as a management consultant at the Milan office of McKinsey & Company, where he was later made a partner and partner leader in the insurance sector. He began working for the Sanpaolo IMI Group in Milan in April 2005 as the CEO of EurizonVita, and in October of the same year, he was named CEO of the Eurizon Financial Group. Mario worked with Zurich from 2007 to 2012, first as CEO of Global Life and, starting in 2010, as CEO of General Insurance. He was made CEO of Generali in 2012. The University of Rome awarded Mr. Greco a bachelor’s degree in economics, and Rochester University awarded him a master’s degree in international economics and monetary theory.
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Who owns Zurich Insurance Group?
Zurich is a division of the “Schweiz” Marine Insurance Company and is incorporated under the name “Versicherungs-Verein” (Insurance Association). Its main goals are to create its own marine book and write marine reinsurance for the parent firm, which was founded in 1869. Thus, it is its parent company.
Conclusion
Zurich Insurance Group is a General Insurance company that centers on making life easier for people. Follow our website for more information on Insurance companies around the world.
See also: https://www.crunchbase.com/organization/zurich-insurance-group