Zurich
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Fears relating to an economic downturn continue to dominate concerns. -
The fashion brand says the insurer failed to defend it in multiple lawsuits.
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The reshuffle is likely laying the foundations for the eventual succession to CEO Mario Greco.
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The MGA secured a “significant strategic investment” from Zurich earlier this year.
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The executive previously spent more than 16 years at The Hartford.
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The $20bn+ TIV data center is seen as the leading edge of significant new demand.
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The insurance industry’s lower reliance on foreign skilled workers softens the blow.
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The company also encouraged insurers and brokers to support the initiative.
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The cyber business will continue to operate as a standalone entity.
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Kirsh was involved in launching an industrywide “legal system abuse coalition”, which now has 350 participants.
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US national accounts head Paul Lavelle will retire as of June 1.
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He was most recently middle market casualty leader and EVP at Chubb.
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The take-up rate will depend on the price discount and market segment.
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The facility is a nudge towards a structural change, not a full-out assault.
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Both Chubb and Zurich will underwrite the risks, with Nico as the sleeping partner.
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The facility provides up to $100mn in claims-made excess casualty coverage.
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The carrier is looking to accelerate E&S growth after 7% expansion in 2024.
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The insurer claims Jessica Balsam still holds Zurich confidential information.
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The division is seeking to place underwriters in regions across the US.
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Also, John Diaz will lead a customer and distribution management function.
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The sale of the business was confirmed in June.
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GWP declined to $11.1bn from $11.3bn in the US and to $484mn from $527mn in the rest of the region.
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He succeeds Rob Clark, who was appointed global broker account lead.
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This publication reported yesterday that the two carriers were nearing a deal.
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The disposal is the latest milestone in AIG’s work to reposition itself as a commercial lines insurer.
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The CEO said he is “optimistic” about the future of the commercial space.
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Analysis of 2023 statutory data shows that Californian insurers are leaning more heavily on reinsurers but at a nationwide level, premium cessions were more stable.
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The executive has been with Zurich since 2018.
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The plaintiffs – three former claims adjusters – were each awarded $25mn in punitive damages.
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The executive worked on projects with the firm when he was an investment banker.
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He was most recently cyber product leader at Zurich NA.
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Zurich NA's operating profit grew to $2.65bn in 2023 from $2bn the prior year.
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The changes precede the retirement of direct markets head Vince Santivasi.
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Partnerships can address growing cyber threats such as DDoS attacks and ransomware, as well as AI.
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The Global Risks Report 2024, made in partnership with Marsh and Zurich, shows that extreme weather events, misinformation and disinformation are top risk severity concerns.
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Zurich North America has named Eric Cittadino head of programs effective September 1, the carrier announced on Thursday.
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NA commercial rates accelerated 9% in Q2 as property pricing rose 18% and auto pricing went up 9%.
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The carrier expects NA crop volumes to decrease in 2023 year-over-year due to commodity price developments.
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Beneva has signed up to net-zero targets as a member of the NZIA, following a period of turbulence in which Munich Re, Zurich and Hannover Re have left the alliance.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Zurich’s decision comes less than a week after Munich Re decided to withdraw from the UN-backed initiative.
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Fox will report to Zurich North America CEO Kristof Terryn, with a shared reporting relationship to group CUO Penny Seach.
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The collapse of Silicon Valley Bank is creating investor fear across the global financial services sector.
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Zurich NA’s P&C CoR decreased to 91.3% in 2022 from 92.4% in 2021 while the group’s CoR remained at 94.3%.
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The carrier has upped its global all-perils cat coverage to $1.2bn since January last year.
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Of the 8.5% quota share assumed by Farmers Re, 6.75% was retroceded to Zurich Global.
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The total raised for the InsurTech has now reached $24.5mn over the past 16 months.
