Zurich shareholders confirm Michel M Liès as chair

Zurich shareholders confirm Michel M Liès as chair

Zurich shareholders confirm Michel M Liès as chair

Zurich Insurance’s shareholders have voted for Michel M Liès to remain as chair and elected Sabine Keller-Busse as a new board member, at the company’s annual general meeting. All other existing board members that stood for re-election were approved. Shareholders also voted in favour of a dividend of CHF20 per share. Mr Liès has been chair at Zurich since 2018,…

Zurich to vote against directors at shareholdings that lag on climate action

Zurich to vote against directors at shareholdings that lag on climate action

Zurich to vote against directors at shareholdings that lag on climate action

Zurich is upping pressure on companies it invests in to set climate action targets in line with the Paris Agreement and limit global warming to 1.5⁰C. It also plans to begin asking commercial customers how they are planning to adapt their business to reduce climate change. During the next two years, Zurich will target companies that produce 65% of its…

Zurich stops insuring and investing in nearly 100 companies that fail green credentials

Zurich stops insuring and investing in nearly 100 companies that fail green credentials

Zurich stops insuring and investing in nearly 100 companies that fail green credentials

Zurich Insurance stopped insuring and investing in more than a third of 268 companies last year that it identified as exposed to thermal coal, oil sands and oil shale, but unable or unwilling to adopt greener practices. The company says in its Sustainability Report 2020 that it decided to terminate its business relationships with 36% of these customers that didn’t…

SiriusPoint launches into harsh market with $3bn of fresh capital

SiriusPoint launches into harsh market with $3bn of fresh capital

SiriusPoint launches into harsh market with $3bn of fresh capital

European risk and insurance managers will welcome news of the formal launch of SiriusPoint, a new Bermuda-based international specialty insurance and reinsurance company. Investors clearly like the look of the international P&C insurance and reinsurance markets currently, as the new carrier launches with more than $3bn in initial capital. SiriusPoint is the result of the previously announced merger between Third…

Swiss Re Corporate Solutions’ turnaround ‘ahead of plan’ despite Covid pushing it into the red

Swiss Re Corporate Solutions’ turnaround ‘ahead of plan’ despite Covid pushing it into the red

Swiss Re Corporate Solutions’ turnaround ‘ahead of plan’ despite Covid pushing it into the red

Swiss Re Corporate Solutions reported “strong” and much-improved underlying performance last year, despite falling to a $350m loss as big Covid-19 claims and reserves of $943m struck. The numbers contributed to its parent group Swiss Re recording an $878m 2020 loss, following a $3.87bn pandemic hit. Swiss Re Corporate Solutions’ combined ratio for the year was 116.5%, from 127.9% a…

HDI expands liability team with sharper international focus

HDI expands liability team with sharper international focus

HDI expands liability team with sharper international focus

HDI Global is beefing up its core liability capability by expanding its senior management team and “resetting” the businesses strategy with a sharper international focus. The German insurance group, originally formed in 1903 as a mutual to offer liability cover to iron and steel companies, has carried out an aggressive international expansion programme in recent times that really started with…

Zurich’s P&C profits down 28% despite H2 rebound and ‘strong’ commercial rates

Zurich’s P&C profits down 28% despite H2 rebound and ‘strong’ commercial rates

Zurich’s P&C profits down 28% despite H2 rebound and ‘strong’ commercial rates

P&C operating profit fell 28% at Zurich Insurance last year and was down 20% for the group as Covid-19 and nat cats took their toll, but a rebound in the second half and strong performance in commercial business, on the back of significant rate increases, helped steady the ship. Announcing full-year results, Zurich said the first half was impacted by…

Strategic Risk Solutions launches Swiss operation

Strategic Risk Solutions launches Swiss operation

Strategic Risk Solutions launches Swiss operation

Strategic Risk Solutions (SRS) has launched an operation in Switzerland, based in Zurich. The insurance management and consulting services firm has appointed Markus Beck, Georg Balint and Maria Sandoval to key positions in its Swiss office. “With its vigilant regulatory regime and stable operating environment, Switzerland is a key market for SRS, so this is another milestone in our goal…

European firms name cyber as top risk for 2021 in AGCS poll

European firms name cyber as top risk for 2021 in AGCS poll

European firms name cyber as top risk for 2021 in AGCS poll

Cyber incidents have retained their position as the number one risk facing businesses in Europe during 2021, with business interruption (BI) in second place and pandemic outbreak third, finds a poll of risk experts and business leaders by Allianz Global Corporate & Specialty (AGCS). BI’s position is unchanged from last year, while pandemics are a new entry in the top…

Zurich surpasses environmental and social impact investment target

Zurich surpasses environmental and social impact investment target

Zurich surpasses environmental and social impact investment target

Zurich has exceeded its three-year $5bn target for investment in environmental and social projects, and said it has become the first large institutional investor to manage its impact investment portfolio solely on impact rather than monetary targets. The insurer added that it will grow its impact investment portfolio further in the years ahead. Zurich said it has avoided the equivalent…