Zurich Insurance Group Ltd. is a Swiss insurance company, and the largest Switzerland’s insurer commonly known as Zurich, headquartered in Zurich, Switzerland. The company was founded in 1872 as a marine reinsurance under the name Versicherungs-Verein (Insurance Association), a subsidiary of the Schweiz Marine Company.
In 2000, after a number of acquisitions, it was unified to form one holding company – Zurich Financial Services. In 2012, Zurich Financial Services Ltd changed its name to Zurich Insurance Group Ltd. In a statement the Group explained the rationale behind the name change. “In recognition of this strategic focus, the reference to financial services in the company name has been replaced by indicating the insurance activity of the Group instead and to specify the purpose accordingly.
Zurich is a global insurance company which is organized into three core business segments:
- • General Insurance – serves individuals, small and medium-sized businesses and major multinational corporations with motor, home, and commercial products and services.
- • Global Life – offers life insurance, savings, investment and pension products. In the United States life insurance is issued by Zurich American Life Insurance Company in Illinois and New York City.
- • Farmers – includes Farmers Management Services, which provides non-claims related management services to the Farmers Exchanges (not owned by Zurich), as well as the Farmers RE business which includes reinsurance assumed from the Farmers Exchange by the Group. Zurich’s Farmers Insurance Group is the third largest insurance group in the United States.
Zurich employs around 60,000 people serving customers in more than 170 countries and territories around the globe. The company is listed on the SIX Swiss Exchange. As of 2012 its capital position was strong, with shareholders equity of $34.494 billon. As of 2013, the group was the world’s 75th largest public company according to Forbes‘ Global 2000s list, and in 2011 it ranked 94th in Interbrand‘s top 100 brands and they’re one of the world’s most experienced insurers.
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