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Zurich Insurance Group: Swiss Insurance Giant

October 19, 2015

Starting over a hundred forty years ago Zurich has managed to survive and prosper for over a  hundred years engaging in primarily the same business it did when it started.

Zurich Insurance Group was founded in 1872 and is headquartered in Zurich, Switzerland. It began as a marine reinsurance under the name “Verischerungs-Verein” (Insurance Association), a subsidiary of the Schweiz Marine Company. A number of acquisitions took place, and in 2000, it was unified to form one holding company called Zurich Financial Services.

Zurich Financial Services Ltd changed its name to Zurich Insurance Group Ltd in April 2012. The Group explained in a statement the rationale behind the change was in recognition of this strategic focus, the reference to financial services in the company name being replaced indicating the insurance activity of the Group instead and in order to specify the purpose accordingly.

Commonly known as Zurich, it is a global insurance company which is organized into three core business segments: General Insurance, Global Life and Farmers.

The General Insurance business serves individuals, small and medium-sized businesses and major multinational corporations with motor, home and commercial products and services. The Global Life business provides life insurance, savings, investment and pension products. In the United States life insurance is issued by Zurich American Life Insurance Company with offices in Schaumburg, Illinois and New York City. The Farmers segment includes Farmers Management Services, which provides non-claim related management services to the Farmers Exchanges (not owned by Zurich), as well as the Farmer RE business which includes reinsurance assumed from the Farmers Exchange by the Group. The Farmers Insurance Group of Zurich is the third largest insurance group in the United States.

Zurich employs approximately 60,000 people catering to clients in over 170 countries and territories around the world. The company is listed on the SIX Swiss Exchange. Revenue hit $70.414 billion in 2012. Zurich is the largest insurer in Switzerland and one of the largest public companies in the world as well.

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