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Zurich Financial Services From Wikipedia, the free encyclop
Fri Mar 18, 2011 10:27
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Zurich Holding Company of America, Inc. - Schaumburg, Illinois

Zurich Financial Services

From Wikipedia, the free encyclopedia

Zurich Financial Services AG

Industry Financial services
Founded 1872
Headquarters Zurich, Switzerland

Key people Martin Senn (CEO), Manfred Gentz (Chairman), Dieter Wemmer (CFO)

Products Life and non-life insurance, pensions, investments

Revenue US $67.85 billion (2010)[1]
Profit US $3.434 billion (2010)[1]
Total assets US $375.7 billion (end 2010)[1]
Total equity US $33.32 billion (end 2010)[1]
Employees 54,930 (FTE, 2010)[1]
Website www.zurich.com


Zurich Financial Services AG (SIX: ZURN) is a major financial services group based in Zurich, Switzerland.Contents
History

The Company was founded in 1872 as subsidiary of the Schweiz Marine Insurance Company under the name Versicherung Verein (Insurance Club).

The Company changed its name to Zurich Marine and Accident Insurance in 1875[2] and to Zurich General Accident and Liability Insurance in 1894.

In 1982 the Company acquired Altstadt Compagnie d'Assurances SA in Switzerland.

In 1998 the Company acquired British American Financial Services, a business owned by BAT Industries comprising Eagle Star (acquired in 1984), Allied Dunbar (acquired in 1985) and the Farmers Group, Inc. (acquired in 1988), for $18.6 billion.[4]

In 2000 the structure of business, which had previously involved dual holding companies (Allied Zurich plc in the UK and Zurich Allied AG in Switzerland), was unified to form one holding company - Zurich Financial Services.[5]

In 2008, Zurich launched its biggest global campaign, and while some of the messaging is about the health of the company's balance sheet (when it recovered, it focused on its core business and avoided risky growth strategies), the effort was developed mainly to assuage consumers' mistrust of the insurance companies in general.

In June 2010 Zurich announced it is creating 240 jobs in Ireland, according to Minister for Enterprise, Trade and Innovation, Batt O'Keeffe TD.

http://upload.wikimedia.org/wikipedia/commons/thumb/0/03/Zurich%2C_Leeds.jpg/220px-Zurich%2C_Leeds.jpg
Zurich offices on East Parade in Leeds.

The Zurich Financial Services Group is a leading supplier of Insurance and Risk Management, specialising in both Life and General Insurance.

The organisation is split into 3 business segments:
General Insurance (led by CEO Mario Greco)
Global Life (led by CEO Kevin Hogan)
Farmers (led by CEO Paul Hopkins)

and 3 operating regions:
Europe and Africa (led by Regional Chairman Dieter Wemmer)
Americas (led by Regional Chairman Paul Hopkins)
Asia Pacific Middle East(led by Regional Chairman Geoff Riddell)

'Segment/Region'!!'Europe & Africa'!!'Asia Pacific Middle East'!!'Americas'Group Martin Senn Dieter Wemmer Geoff Riddell Paul Hopkins
General Insurance Mario Greco Markus Hongler n/a Mike Foley
Global Life Kevin Hogan David Sims Dan Bardin David Dietz & Jose Orlando
Farmers Paul Hopkins n/a n/a Paul Hopkins

[edit]
General Insurance

General Insurance serves individuals, small and medium-sized businesses, commercial enterprises and major multinational corporations.

General Insurance is the largest segment.

Within General Insurance, individual business areas focus on specific segments and markets where they see opportunities for sustained and profitable growth.

It is split into a number of divisions:
The Europe and Africa(led by Markus Hongler) division offers personal and commercial products through brokers and exclusive agents, independent financial advisers, by phone and through the Internet.

North America Commercial (led by Mike Foley) business division serves small and mid-sized businesses and commercial market segments, including specialty lines and the programs sector.

The Americas division manages the American business.

Through Global Corporate (led by Mario Vitale) business division, we help national and multinational corporations meet their domestic and international insurance needs.

The Asia Pacific and Middle East division operates in Asia Pacific, the Middle East and other markets. It serves personal lines and commercial customers directly.

Global Life This section is empty. You can help by adding to it.

[edit]
Farmers This section is empty. You can help by adding to it.

[edit]
World Wide Operations and Territories

Zurich manages its business within 3 geographical areas:
Europe & Africa (led by Dieter Wemmer)
Americas (led by Paul Hopkins)
Asia Pacific & Middle East (led by Geoff Riddell)

Europe & Africa

Besides its home market Switzerland, Zurich's key markets in Europe are Austria, Germany, Ireland, Italy, Portugal, Russia, Spain, Turkey and the United Kingdom.

Zurich has major offices in many of the major financial cities in these countries including, London, Birmingham, Leeds, Glasgow, Dublin, Frankfurt, Rome, Milan and the headquarters in Zurich.

Americas

In 1912, Zurich became the first foreign insurer to enter the US market.

The US consumer market is served primarily by Farmers Insurance Group 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.

http://upload.wikimedia.org/wikipedia/en/thumb/7/7c/Schaumburg_2.JPG/300px-Schaumburg_2.JPG
Zurich Holding Company of America, Inc. - Schaumburg, Illinois


The Chicago area-based Zurich American Insurance Company is the third largest provider of commercial property-casualty insurance in North America, serving small business, mid-size markets and large corporate customers.

In 2005, Zurich Commercial produced gross written premiums of USD 12.5 billion.

Other Zurich companies in North America include:
Centre Group Holdings - New York City, New York
Farmers New World Life Insurance Company - Mercer Island, Washington
Zurich Direct Markets (former Universal Underwriters Group) - Overland Park, Kansas

Kemper Investors Life Insurance Co. - Bellevue, Washington
21st Century Insurance - Wilmington, Delaware
[edit]
Asia Pacific & Middle East This section is empty. You can help by adding to it.

[edit]
Criticism

In 2006, Zurich Financial Services settled a $171 million case relating to bid rigging and price fixing.[7] "Businesses shopping for commercial insurance were deceived into believing they were getting the best deals available," said Abbott.

"The whole anti-competitive scheme was an intentional smoke screen by several insurance players to artificially inflate premiums and pay improper commissions to those who brokered the deals."

The states included in the settlement were Texas, California, Florida, Hawaii, Maryland, Massachusetts, Oregon, Pennsylvania and West Virginia. Zurich is also required to pay about $122 million[8] in refunds to commercial policyholders in a New Jersey class action lawsuit[9] settlement.

Zurich Financial Services settled a bid-rigging and improper "finite reinsurance" transactions probe.[10] Zurich Financial agreed to pay $153 million in restitution 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 settlement were New York, Connecticut and Illinois.

In May 2007, Zurich Capital Markets, a subsidiary 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 detection when making frequent trades in mutual fund shares.

An SEC director stated, “By knowingly financing their hedge funds clients' deceptive market timing, ZCM reaped substantial fees at the expense of long-term mutual-fund shareholders" [12]

On May 5, 2008 Zurich announced a further 900 job losses in the general insurance sector of their UK operation

http://en.wikipedia.org/wiki/Zurich_Financial_Services

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