company

Zurich Insurance Group Ltd is a swiss insurance company, headquartered in Zürich, and the area ‘s largest insurance company. [ 2 ] As of 2021, the group is the worldly concern ‘s 112th largest public company according to Forbes ‘ Global 2000s list, [ 3 ] and in 2011 it ranked 94th in Interbrand ‘s top 100 brands. [ 4 ] Zurich is a ball-shaped policy caller which is organized into three congress of racial equality commercial enterprise segments : General Insurance, Global Life and Farmers. Zurich employs 55,000 people, with customers in 215 countries and territories. [ 5 ] The company is listed on the SIX Swiss Exchange. As of 2012 it had shareholders ‘ equity of $ 34.494 billion. [ 6 ]

caller 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 ” transportation indemnity company ( which was founded in 1869 on the first step of the “ Schweizerischen Kreditanstalt ” ), a subsidiary company of the Schweiz Marine Company. It was founded by people who were besides board members of the “ Schweiz ” transportation indemnity company. [ 7 ] The occupation activity began on 1 May 1873. In 1875, accident insurance was added. The caller was renamed Transport- und Unfall-Versicherungs-Actiengesellschaft “Zurich”. In 1880 Zurich abandoned the marine clientele following a significant loss. [ 8 ] Through 1894, it acquired licenses to conduct business in Austria, Prussia, Denmark, Sweden, Norway, the perch of Germany, France, Belgium, the Netherlands, Spain, Poland, Russia, Italy, Luxembourg, and Liechtenstein. Due to the change in 1894 from transportation policy to accident and indebtedness policy, 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 USA. [ 8 ] In 1915 Zurich acquired its inaugural whole company, “ Hispania Compañia General de Seguros ” of Barcelona in Spain. Ten years former, in 1922, Zurich founded “ Vita Lebensversicherungs-Gesellschaft ” as an independent subordinate, which soon expanded into neighbor countries. In addition, a branch was established in the United Kingdom ( the first alien indemnity company to do therefore ). One year subsequently, another ramify was established in Canada. [ 9 ] In 1925, Zurich became the official insurance company of all fresh Ford vehicles in Great Britain. The “ Zurich Fire Insurance Company of New York ” was founded in 1929, the reinsurance caller Turegum in 1938 and the “ American Guarantee and Liability Company in New York ” in 1939. [ 8 ] In 1950 it bought a plowshare in “ Companhia de Seguros Metrõpole S.A. ” of Lisbon. Five years subsequently, in 1955, «Zürich» Allgemeine Unfall- und Haftpflicht-Versicherungs-Gesellschaft was renamed «Zürich» Versicherungs-Gesellschaft, a identify it still holds today. [ 10 ] between 1955 and 1976 respective 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 joint 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. [ 8 ] On the enterprise of “ Vita Lebensversicherungs-Gesellschaft ”, the beginning 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 function of a new sword scheme, “ Vita ” became “ Zurich ” Life Insurance Company in 1993, operating in the grocery store under the diagnose “ Zürich Leben ”. While the name “ Vita ” therefore 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 depository financial institution “ Rüd, Blass & Cie. ” Due to refocusing on the policy clientele, the secret bank was sold again in 2003. [ 10 ] In 1996, Zurich acquired 80 percentage of “ Kemper Corporation ” and 97 percentage of “ Kemper Financial Service ” and in 1997 acquired a majority pastime in New York -based “ Scudder, Stevens & Clark ”. Subsequently, Kemper was merged with Scudder to form “ Scudder Kemper Investments ”. [ 11 ]

Zurich Financial Services ( 1998–2012 ).

In September 1998, Zurich and the fiscal division of british american Tobacco merged to form “ Zurich Financial Services ”. This comprised the swiss caller “ Zurich Allied AG ”, [ 12 ] listed on the swiss Market Index, and the british caller “ Allied Zurich plc ”, listed on the FTSE 100 ( Dual-listed ship’s company ). In 2000, the social organization was reorganized under a one holding company under Swiss company law. All erstwhile shares were replaced by new shares in the newly formed “ Zurich Financial Services ” ( ZFS ) with a first list on the SIX Swiss Exchange in Zurich and a moment list in London. In 2002, ZFS focused on insurance-related fiscal products and services. ZFS returned to profitableness in 2003, announcing that it had met its targets and posted a profit of US $ 2.1 billion, compared to a personnel casualty of US $ 3.4 billion a class earlier. Operating income increased 93 percentage to $ 2.3 billion, marking the reversion. 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 percentage over the previous class. Zurich ‘s net income increased by 30 percentage to US $ 3.2 billion in 2005, and operating income rose by 32 percentage 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-run confederation with “ Banco Santander SA ” ( Santander ) over 25 years in Latin America. [ 13 ] [ 14 ]

Zurich Insurance Group ( since 2012 ).

In April 2012, Zurich Financial Services Ltd changed its name to Zurich Insurance Group Ltd. In a statement, the Group explained the rationale behind the list change. “ In recognition of this strategic focus, the reference to fiscal services in the company mention has been replaced by indicating the policy activity of the Group alternatively and to specify the aim consequently. ” [ 15 ] 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 concentrate was put on recent events which forced Senn to step down. interim chair Tom de Swaan [ nl ] took over as acting CEO. [ 16 ] 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. [ 17 ] In November 2021, Zurich signed an acquisition agreement with Texas-based Special Insurance Services. [ 18 ] On 3 January 2022, Zurich Insurance Group announced that its italian subsidiary company, Zurich Investments Life S.p.A. had agreed to sell its life and pension back book to the portuguese insurance company 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. [ 19 ] [ 20 ]

core business segments.

General Insurance.

Zurich ‘s General Insurance business serves individuals, small and medium-sized businesses and major multinational corporations with centrifugal, home, and commercial products and services .

ball-shaped life.

Zurich ‘s Global Life business offers life insurance, [ 21 ] savings, investment and pension products. In the United States life sentence insurance is issued by zurich american english Life Insurance Company with offices in Schaumburg, Illinois ; Overland Park, Kansas ; and New York City. [ 22 ]

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 besides owns the Farmers RE clientele which includes reinsurance assumed from the Farmers Exchange by the Group. Zurich ‘s Farmers Insurance Group is the third base largest policy group in the United States. [ 23 ]

MetLife.

In December 2020, the Zurich group purchased the property and fatal accident policy section 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. [ 24 ]

Zurich Ireland.

officially known as Zurich Insurance plc ( ‘ZIP ‘ ), Zurich Ireland is a wholly own subsidiary company. ZIP is an irish policy company primitively incorporated in 1950 and is Zurich Insurance Group ‘s chief legal entity for writing non-life policy business in Europe. ZIP writes non-life indemnity business across the European Union through its Irish head office and network of branches. [ 25 ]

bodied social province.

In 2009, Zurich was awarded Charity Times “ Best policy Services ” [ 26 ] 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. [ 27 ] According to its web site, Zurich Community Trust has donated over £60 million since 1972, with the finish of addressing keystone social issues. It has supported over 600 charities a year, making a measurable impact on the lives of over 80,000 people. [ 28 ] Zurich was one of the first recipients of the Community Mark from Business in the Community which it has successfully retained for three years. [ 29 ] At a group level, the Z Zurich Foundation ‘s mission is to help individuals and communities understand and manage risk, leveraging Zurich ‘s core strengths as an insurance company. Zurich is achieving this calculate by working with long-run partnership with choose non-profit organizations such as virtual Action, the Rainforest Alliance, and the International Federation of Red Cross and Red Crescent Societies. [ citation needed ] 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 exist bequest to the four employees killed on 9/11 : John Keohane, Peggy Alario, Kathy Moran and Ludwig Picarro. [ 30 ] Zurich began a kinship with SBP, a catastrophe relief organization based in New Orleans, at its Zurich Classic golf tournament in New Orleans. [ 31 ] Over the following 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. [ 31 ] The concede would go towards creating a disaster Resilience and Recovery Lab—a disaster relief exemplary that propagates best practices learned in New Orleans after Katrina to communities affected by future disasters. [ 31 ] In 2011, Zurich launched a free on-line resource – My Community Starter – designed to make getting involved in community activities more simple. [ 32 ] In March 2012, Zurich reinforced its commitment to the Z Zurich foundation garment by making a significant investment of $ 100 million. [ 33 ] In March 2013, Zurich announced its global flood resilience program, which aims to enhance residential district flood resilience by finding advanced ways to increase the shock of calamity risk reduction efforts at residential district, national and ball-shaped levels. The inaugural area 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 ). [ 34 ]

fiscal performance and information.

Zurich Insurance Group Ltd ( “ Zurich ” ) is listed on the SIX Swiss Exchange under the watch ZURN. As of 1 December 2012 there were 148,300,123 in full paid read shares [ 6 ] and 124,847 shareholders. [ 35 ] 24.7 % of the deem of the registered shares were private individuals ( 15.3 % of all great shares ), 7.2 % were foundations and pension funds ( 4.5 % of all great shares ) and 68.1 % were other legal entities ( 42.3 % of all great shares ). [ 35 ]

controversy.

In 2006, Zurich Financial Services settled a $ 171 million case relating to bid rig and price fix in the United States. [ 36 ] “ Businesses shopping for commercial indemnity were deceived into believing they were getting the best deals available, ” said Abbott. “ The unharmed anti-competitive scheme was an intentional smoke screen by several indemnity players to artificially inflate premiums and pay improper commissions to those who brokered the deals. ” The states included in the liquidation were Texas, California, Florida, Hawaii, Maryland, Massachusetts, Oregon, Pennsylvania and West Virginia. Zurich is besides required to pay about $ 122 million [ 37 ] in refunds to commercial policyholders in a New Jersey class action lawsuit [ 38 ] settlement. Zurich Financial Services settled a bid-rigging and improper “ finite reinsurance ” transactions probe. [ 39 ] Zurich Financial agreed to pay $ 153 million in damages 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 colony were New York, Connecticut and Illinois. In May 2007, Zurich Capital Markets, a auxiliary 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 signal detection when making frequent trades in common fund shares. [ 40 ] An SEC conductor stated, “ By wittingly financing their hedge funds clients ‘ deceptive market timing, ZCM reaped hearty fees at the expense of long-run mutual-fund shareholders ” [ 41 ] In 2015, modest clientele owners and property developers in Britain complained that Zurich ‘s british subordinate, Dunbar Bank, had treated them unfairly by calling in loans cursorily in order to wind down its loan book after the parent caller pulled out of the specialist UK property marketplace in 2010. They claimed that 71 Dunbar borrowers had been made bankrupt in the watch five-year period, many more than by any of Britain ‘s very much larger high street banks. [ 42 ] One Dunbar customer wrote : “ Dunbar ’ s latest set of accounts show that over 95 % of its loan book is nowadays classified as afflicted or delinquent [ … ] the equivalent figure for UK Asset Resolution, the state ’ south badly bank, is merely 37 % ”. [ 43 ] In 2019, the local branch of Zurich Insurance Group was one of four insurance companies fined by Portugal ‘s competition authority AdC for “ trust practices ” regarding workplace accident, health and car policy. [ 44 ]

References.

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