Zurich Insurance Group AG (OTC:ZURVY, ZURVY, SWX:ZURN) was founded in 1872 and is headquartered in Zurich, Switzerland, with 51,633 full-time employees, together with its subsidiary (Zurich Insurance Group Ltd), in Europe, North America, and Latin America The Americas and Asia Pacific regions provide insurance products and related services.
Zurich Insurance Group (ZURVY):
Zurich Insurance Group Ltd (Zurich Insurance Group Ltd), commonly referred to as “Zurich”, is a Swiss insurance company headquartered in Zurich, Switzerland. Zurich Insurance Group is the largest insurance company in Switzerland. As of 2017, Zurich is the 115th largest company in the world according to the “Fortune 500” ranking published by the US “Fortune” magazine.
Zurich Insurance Group Co., Ltd. is a global insurance company divided into 4 business divisions: Property & Casualty Regions, Life Regions, Farmers and Non-Core Businesses (non-core business). As of the end of 2017, the company has 51,633 employees who provide services to customers in more than 170 countries and regions around the world.
Zurich Insurance provides car, family, travel, general liability, life and critical illness and other insurance products; and savings and investment, pension and retirement plan products.
Zurich Insurance Company also provides property, casualty, management or professional liability, trade credit, political risk, maritime, automotive and cyber risk insurance products; and international planning, risk engineering, claims and exclusive services.
In addition, it also provides employee benefits and group risk solutions, corporate investment plans, multi-employer savings plans, pension plans, exclusive services and centralized solutions, and international plans for employees.
In addition, Zurich Insurance Company also provides non-claims management and management services to the Farmers Exchange; and reinsurance services.
Zurich Insurance serves individuals, small businesses, medium and large companies, and multinational companies.
Zurich Insurance Group (ZURVY) historical:
The Zurich Insurance Company was formed as a marine reinsurance company in 1872, under the name “Versicherungs-Verein” (Insurance Association), a subsidiary of Schweiz Marine Company. In 2000, after a large number of acquisitions, the company was reorganized into a holding company – Zurich Financial Services Ltd. (Zurich Financial Services). In April 2012, Zurich Financial Services Limited was renamed Zurich Insurance Group Limited. The name change reflects that Zurich has simplified its business portfolio in recent years, focusing on the insurance industry. In a statement, the group explained the reasons behind the name change. “In order to highlight this strategic focus, financial services are no longer mentioned in the company’s name, but the group’s insurance activities are emphasized, thereby indicating our goals accordingly.”
- 1872 Zurich was formed as a marine reinsurance company under the name “Versicherungs-Verein”
- 1875 Zurich transferred its business to the field of accident insurance and renamed the company Zurich Transport and Accident Limited (Zurich Transport and Accident Limited)
- 1880 Zurich ceased maritime operations after experiencing severe losses
- 1894 Zurich changed its name to Zurich General Accident & Liability Insurance Limited (Zurich General Accident & Liability Insurance Limited)
- 1912 Zurich obtained the necessary permits to conduct business in the United States
- 1915 Zurich acquired a complete company for the first time, the Hispania Compania General de Seguros in Barcelona
- 1922 Zurich entered the UK general insurance market as the first foreign insurance company to underwrite direct accident insurance; Zurich established VITA Life Insurance Company (VITA Life Insurance Company) in Switzerland
- 1925 Zurich becomes the official insurer of all new Ford sales in the UK
- 1929 Established the Zurich Fire Insurance Company of New York (Zurich Fire Insurance Company of New York)
- 1939 Established American Guarantee and Liability Company in New York
- 1955 Zurich identified itself as a one-stop wholesale insurance company and changed its name to Zurich Insurance Company (Zurich Insurance Company)
- 1976 Established International Division (International Division)
- 1978 Risk Engineering was established
- 1986 Zurich obtained insurance license from Japan
- 1996 Established Zurich Capital Market
- 1997 Zurich acquired a majority stake in Scudder, Stevens & Clark (a purely non-insurance financial company) in New York
- 1998 Zurich merged with the financial services department of the British BAT company and became the Zurich Financial Services company (Zurich Financial Services)
- 2003 Launched the “Zurich Way” program, which aims to standardize core business processes and share best practices
- 2004 Zurich Financial Group sold its life business and assets in Taiwan (including 150,000 customers and 20 billion TWD assets), which was generally taken over by Farglory Life, a subsidiary of Farglory Group. Zurich Financial Group’s business in Taiwan will focus on property insurance. .
- 2005 Zurich launched its global branding campaign “Because change happenz”
- 2008 The Zurich HelpPoint concept was introduced
- 2010 Zurich appeared for the first time among the top global brands in the Interbrand ranking
- 2012 Zurich Financial Services Co., Ltd. changed its name to Zurich Insurance Group Co., Ltd.
- 2013 Zurich Insurance sold its 97.5 million H shares of Xinhua Insurance to a small number of institutional investors in a private placement on July 12, accounting for 3.1% of Xinhua Insurance’s issued share capital. The shares sold are priced at 22.5 yuan (approximately US$2.90) per share, and the total sale proceeds will be 2.194 billion yuan. After the transaction is completed, Zurich holds 292.5 million H shares of Xinhua Insurance, accounting for 28.28% of its total H shares and 9.4% of Xinhua Insurance’s issued share capital. On November 20 of the same year, Zurich Insurance sold 292.5 million H shares or 9.4% of the shares of Xinhua Insurance (1336) at 25 yuan per share, with a cash amount of 7.3 billion yuan.
- In 2017, Taiwan’s Toyota dealer, Hetai Motors, through its subsidiary Hezhan Investment, purchased the Zurich Property Insurance business in Taiwan for NT$6.4 billion in January, completed the settlement, and changed its name to Hetai Insurance.
- Zurich Insurance acquired Cover-More Group for US$554 million in April 2017
- On December 12, 2017, Zurich Insurance spent A$2.85 billion (US$2.1 billion) to acquire OnePath Insurance from ANZ .