Zurich announces strategic alliance with the IFRC as foundation of global flood resilience program

Zurich Insurance Group (Zurich) announced today a CHF 21 million five-year alliance with the International Federation of Red Cross and Red Crescent Societies (IFRC). The five-year commitment will serve as the foundation of Zurich’s global flood resilience program, which aims to enhance community flood resilience by finding innovative ways to increase the impact of disaster risk reduction efforts at the community, national and global levels. The first country program will take place in Mexico.

Zurich has committed to this major flood resilience program because floods affect more people globally than any other type of natural disaster and are responsible for some of the largest economic, social, humanitarian and insured losses. The program is being embedded within Zurich’s General Insurance business, making use of Zurich’s insurance and risk expertise around the world.

Mike Kerner, CEO of General Insurance, explained: “Floods are expected to have a growing impact due to natural factors, such as the increase in extreme rainfall events and rising sea levels, and man-made factors such as population growth and the number of homes and businesses in areas exposed to flooding. At the same time we believe that there is too little emphasis on pre-event flood mitigation, as opposed to post-event flood relief. This is a gap that Zurich can help fill because we have relevant risk management and insurance expertise.”

Zurich’s flood resilience program will focus on developing and disseminating knowledge and expertise on flood resilience. It will have an impact at the local level through strategic long-term alliances with the public sector, NGOs, private sector organizations and academia, and will also look at the contribution insurance can make when it comes to flood risk.

The Z Zurich Foundation and the organizations it cooperates with play an important role in Zurich’s global flood resilience program, an initiative that forms part of its broader corporate responsibility strategy.

To maximize the community impact of the program, Zurich has committed to a long-term strategic alliance on flood disaster risk reduction with the International Federation of Red Cross and Red Crescent Societies. Together with the IFRC, Zurich will enhance community flood resilience through the development and application of innovative disaster risk reduction solutions.

Bekele Geleta, Secretary General of the IFRC, commented: “Combining the risk expertise of Zurich with the deep disaster preparedness expertise of the IFRC in this alliance – one of the largest private sector co-operations of the Federation – will help to achieve a significant impact on communities at risk from floods and will help reduce devastating impacts.”

Both Zurich and the IFRC, which first started working together in 2008, expect this alliance to become a model that can be replicated globally. The Z Zurich Foundation, following the strategic investment in the amount of USD 100 million  made by Zurich last year, will invest up to CHF 21 million in the alliance over the five years to 2017. Zurich employees with relevant skills are also expected to invest an average of 500 working days per year in the alliance.

Zurich announces the appointment of Mike Davies to the position of Global Head of Marine Underwriting

Zurich Insurance Group (Zurich) announces the appointment of Mike Davies, (51, British citizen) to the position of Global Head of Marine Underwriting within the company’s General Insurance (GI) business, effective July 1, 2013. He succeeds Lee Meyrick who left Zurich in April, 2013. Mr. Davies will provide leadership and drive high performance underwriting in GI's Marine, Aviation and Fine Art & Species product lines globally. Mr. Davies, will report to Juan Beer, Chief Underwriting Officer, Property, Engineering Lines & Marine and will be located in Zurich.

Juan Beer commented: “Mike’s appointment says much about his proven underwriting excellence and the strength of Zurich's internal talent pool. His leadership and Zurich's underwriting integrity - together with a full product range, bespoke International Programs and marine-dedicated risk engineering services - spells a confident future for Zurich's marine capabilities.”

Mr. Davies's 32 years of marine sector experience include 15 years with Zurich in the UK and, most recently, in Asia Pacific as Zurich’s Regional Head of Marine Underwriting. He is an associate of the Chartered Insurance Institute. He was chairman of the International Union of Marine Insurance (IUMI) Cargo Committee from 2006-2011 and is currently a vice chairman of IUMI and a member of its executive committee.

Zurich announces the successful placement of EUR 788 million of dated subordinated notes

Zurich Insurance Group (Zurich) today announced the successful placement of dated subordinated notes (the “Notes”) in an amount of EUR 788 million. The Notes will mature in October 2043 and are first callable in October 2023. The transaction was primarily targeted at European institutional investors.

The Notes will be issued by Zurich Insurance Company Ltd to a repackaging vehicle (Aquarius + Investments plc, Dublin). The repackaging vehicle in turn issues notes to investors that are secured by the Notes. The annual coupon is fixed at 4.25% until the first call date. Thereafter, the holders of the Notes will receive a floating coupon.

Simultaneously with the new issuance investors who held the Zurich Finance (USA), Inc. EUR 500 million dated subordinated notes due 2025 were offered to switch part or all of their holdings for the Notes. The total nominal amount of the 2025 notes switched was EUR 82 million for which those investors received EUR 88 million of the Notes which reflects the offered switch price.

The Notes are expected to be treated as capital from a regulatory and rating agency perspective to the extent permissible. The transaction has been conducted for general corporate purposes and to address refinancing needs in 2013.

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