The business interests of Zurich Financial Services (Zurich) have crossed the mountains and spread to all but cover the globe. With operations in more than 50 countries worldwide, the company is the second-largest provider of general corporate insurance (after AIG). Focused on markets in Europe and in the US (through its North America Commercial unit), the company’s General Insurance segment offers property/casualty and specialty insurance, while its Life Insurance segment offers life insurance, annuities, and other investment policies. The company was founded in 1872.
Criticism
Business Ethics
- Zurich settles some bid-rigging charges; Questions remain over future Spitzer pact, client payouts: “Zurich American Insurance Co.’s $171.7 million settlement last week resolves charges of price fixing and bid rigging by nine states, but some uncertainties-including the determination of which clients will be eligible for restitution under the deal and the impact of future settlements with other states-still remain. Under Zurich’s settlement-reached with the attorneys general of California, Florida, Hawaii, Maryland, Massachusetts, Oregon, Pennsylvania, Texas and West Virginia, along with Florida’s insurance commissioner-the insurer agreed to make payments to affected policyholders nationwide and to reform certain business practices, though it admits to no wrongdoing.”
- Zurich Finan Servs – Guilty pleas of employees: “Zurich Financial Services (Zurich) confirmed today that two of its former employees have been charged with, and have pled guilty to, a misdemeanor violation of New York State antitrust law. These actions relate to the industry-wide investigation by the Office of the New York Attorney General into the business relationships between insurance brokers and insurance companies. The two individuals were underwriters in Zurich’s Excess Casualty Unit in the Specialties Business of North America Commercial.”
Praise
Human Rights
- Zurich Spreads Holiday Cheer at Shriners Hospitals around the Country by Hosting Children’s Holiday Parties and Fundraisers; Provides More Than $35,000 to Support Shriners Hospital Programs: “Zurich, one of the nation’s largest property-casualty insurance providers, brightened the holiday season for dozens of children this year by delivering gifts at Shriners Hospitals for Children around the country. As part of its annual involvement with the Shriners organization, members of Zurich’s risk engineering group, with the help of individuals from Zurich’s construction, underwriting and claims groups, raised thousands of dollars, donated gifts and hosted holiday festivities at Shriners Hospitals in Chicago; Greenville, South Carolina and Galveston, Texas. In addition to bringing Santa Claus, holiday treats and good cheer to dozens of children, Zurich also presented more than $35,000 in financial support for a range of important programs at the Chicago and Philadelphia Shriners Hospitals. This included a $30,000 check from the Zurich U.S. Foundation to the Chicago hospital – the most Zurich has ever given to the Shriners cause.”
- Zurich U.S. Foundation is Donating $100,000 to the American Red Cross for Southern California Wildfire Assistance: “Zurich, one of the world’s largest property-casualty insurance companies, today announced its Zurich U.S. Foundation is donating $100,000 to the American Red Cross to assist Southern California wildfire victims. “As a company, it is our responsibility to be there in times of need to help customers resume their lives and restore their businesses,” said Axel P. Lehmann, CEO of Zurich North America Commercial. “This donation is another example of Zurich’s interest in helping the victims of the Southern California fires recover as soon as possible from this terrible event.We are thankful to the entire Zurich family for this generous donation, which allows the Red Cross to provide help and hope to our neighbors affected by these devastating wildfires,” said Kathleen Loehr, interim senior vice president of Development for the American Red Cross. “Zurich’s support of our humanitarian mission enables us to provide food, shelter and other assistance to people when they need it most. We thank them for their support.”
Brands and Subsidiaries
- General Insurance; Global Life; Farmers Insurance Group[1]