Zurich - Swiss Re unveils brand strategy and modernised logo
On the day of its official 150 year anniversary, leading re/insurance company Swiss Re unveils a new brand strategy and a modernised logo. The new brand promise "We're smarter together" aims to support Swiss Re's ambition for business growth and differentiation in the market place.
New York - Tapering is expected to be completed by end-2014
After today’s decision by the Federal Reserve to maintain the target fed funds rate at zero to 25 basis points, Swiss Re’s Chief Economist, Kurt Karl, said that with the unemployment rate declining so rapidly, the Fed will want tapering to be completed by the end of 2014.
Zurich - Swiss Re's Group Chief Financial Officer George Quinn to step down
Swiss Re's Board of Directors announces that Group Chief Financial Officer George Quinn will step down from his role, effective 30 April 2014, and pursue other professional interests. A search for a replacement has been initiated.
Zurich - Swiss Re invests USD 493 million for a 4.9% stake in New China Life
Swiss Re announces that it has entered into a transaction with Zurich Insurance Company Ltd to acquire a 4.9% stake in New China Life Insurance Company Ltd, reaffirming Swiss Re's commitment to high growth markets.
Zurich - Swiss Re to acquire a 14.9% stake in Brazilian insurer SulAmérica
Swiss Re has agreed to acquire an 11.1% stake in Sul América S.A. ("SulAmérica"; BM&F Bovespa: SULA11) from ING Group N.V. ("ING") and a 3.8% stake from members of the Larragoiti family for a total amount of approximately USD 334 million. This confirms Swiss Re's commitment to Brazil, Latin America and high growth markets.
Zurich - Swiss Re and Phoenix Group announce termination of discussions
Further to the statement on 12 July 2013 by Phoenix Group Holdings regarding its preliminary discussions with Swiss Re Ltd in relation to a possible combination of Phoenix and Swiss Re's UK Admin Re® Business Unit, Swiss Re and Phoenix today confirm that such discussions have terminated as the parties have been unable to agree the terms on which a mutually acceptable transaction could take place.
New York - Early 2014 tapering is expected to last six months
After today’s decision by the Federal Reserve to maintain the target fed funds rate at zero to 25 basis points, Swiss Re’s Chief Economist, Kurt Karl, commented that tapering is now expected to begin in early 2014 and end by Q3 of next year.
New York - SRCM places EUR 350 million catastrophe bond for AXA Global P&C
Swiss Re Capital Markets has successfully arranged the issuance of EUR 350 million of insurance-linked securities by Calypso Capital II Limited ("Calypso II") on behalf of AXA Global P&C ("AXA"), a wholly-owned subsidiary of AXA S.A. The securities cover windstorms in Europe.
Zurich - Singapore branch receives a licence to offer commercial insurance
Swiss Re Corporate Solutions announced today that its wholly-owned Luxembourg subsidiary Swiss Re International SE has set up a branch in Singapore and received an insurance licence from the Monetary Authority of Singapore.
Zurich - Latin American markets have a mortality protection gap of USD 7.2 tn
The strong economic growth experienced in Latin America over the past decade has bolstered employment, income and savings, as well as the penetration of life insurance in the region. However the lives of many Latin Americans are still uninsured or underinsured by alarming dimensions, according to a report released today by Swiss Re. The mortality protection gap in Latin America is the first study of its kind covering selected Latin American countries.
After today’s decision by the Federal Reserve to maintain the target fed funds rate at zero to 25 basis points, Swiss Re’s Chief Economist, Kurt Karl, commented that tapering off purchases of assets will keep yields on the 10-year Treasury note elevated through next year.
Zurich - People of all generations brace themselves for a riskier world
People around the world say they're acutely aware of the risks they may face in the future, and are ready to shoulder the financial burden personally. This is a key result from a landmark survey commissioned by Swiss Re on the occasion of its 150 years anniversary. At the same time, respondents of the survey want their political leaders to do more to tackle a riskier world ahead. Key findings include:
70% of respondents are prepared to take personal responsibility for their own retirement costs
84% think that climate change will be responsible for more natural disasters in the future
Nearly 8 in10 fear damage from an earthquake, flood or other natural disaster within the next 20 years
75% would use renewable energy if it were made available
91% want governments to do more to promote energy efficiency
Hunger is a major concern, not just in the developing world
New York - Yield on 10-year Treasury note still expected to be 2.5% at year-end
After today’s decision by the Federal Reserve to maintain the target fed funds rate at zero to 25 basis points, Swiss Re’s Chief Economist, Kurt Karl, commented that expected decreases in purchases of Treasuries will keep yields on the 10-year Treasury note close to 2.5% through year-end.
Zurich - Renewable energy sector could triple annual insurance spending by 2020
The renewable energy industry could be spending three times as much on insurance every year by 2020 to mitigate risks to projects, says a new report by Bloomberg New Energy Finance sponsored by Swiss Re. The report looked at six of the world's leading markets for solar and wind, including Australia, China, France, Germany, the United Kingdom and the United States. Depending on the scenario, insurance premium volumes in these markets could increase from USD 850 million today to anywhere between USD 1.5 billion and 2.8 billion by the end of this decade.
New York - Swiss Re Capital Markets closes largest ever European Wind cat bond
Swiss Re Capital Markets has successfully arranged the issuance of EUR 280 million of insurance-linked securities by Green Fields II Capital Limited ("Green Fields II") on behalf of Groupama S.A. The securities cover windstorms in France.
Zurich - World insurance in 2012 shows premium growth
Non-life premium growth picked up to 2.6% in 2012, while life premiums resumed growth, rising by 2.3%. Overall premium volume expanded, but developments in Western Europe, China and India weighed on the result.
Premium growth will likely improve further in the near term. The gradual hardening of prices in non-life insurance is likely to broaden and deepen. In life insurance, China and India are expected to rebound in 2013. However, the weak economy in the Eurozone will remain a drag on insurance demand in the region.
Asian insurance markets will continue to rise in importance over the next 10 years. In the very long-run, projected population patterns suggest that Africa could become the next star of the industry.
New York - Fed will decrease purchase of Treasuries by early 2014, says Swiss Re
After today’s decision by the Federal Reserve to maintain the target fed funds rate at zero to 25 basis points, Swiss Re’s Chief Economist, Kurt Karl, commented that any decline of purchases of Treasuries will be determined by economic developments in the second half of this year.
New York - Swiss Re structures and places USD 175 million catastrophe bond
Swiss Re Capital Markets has structured and successfully transferred USD 175 million of insurance-linked securities issued by Blue Danube II Ltd. ("Blue Danube II") on behalf of a subsidiary of Allianz SE. The securities cover named storms and earthquake losses in North America, the Caribbean and Mexico.
New York - Fed in holding pattern until economic outlook becomes clearer says Swiss Re Chief Economist, Kurt Karl
After today’s decision by the Federal Reserve to maintain the target fed funds rate at zero to 25 basis points, Swiss Re’s Chief Economist, Kurt Karl, commented: “For now, the Fed is in a holding pattern awaiting further information on the impact of sequestration on economic activity."
Washington, DC - Concerns that the Proposed EU FTT Could Hurt Savers (Partner News Release)
The IIF’s Council on Asset and Investment Management (CAIM) today released a position paper on the proposed EU Financial Transaction Tax (FTT). While acknowledging that the proposed FTT is motivated by worthwhile goals, CAIM raised concerns that any revenue it would generate would be considerably outweighed by the potential costs in terms of burden on end-users of financial services, potentially weaker economic growth and job losses. In sum, the proposed EU FTT would likely prove ineffective and fail to meet its goals.
New York - US economy will grow despite spending cuts predicts Swiss Re Chief Eco
After today’s decision by the Federal Reserve to maintain the target Fed funds rate at zero to 25 basis points, Swiss Re’s Chief Economist, Kurt Karl, commented: “Triggering the sequestration will slow growth and delay the first rate hike by the Fed into early 2015.
New York - Fiscal Cliff II is likely to be averted, says Swiss Re Chief Economist
After today’s decision by the Federal Reserve to maintain the target fed funds rate at zero to 25 basis points, Swiss Re’s Chief Economist, Kurt Karl, commented that monetary policy will continue to support growth through all of 2013 and into 2014.
New York - SR places USD 270 million of North American earthquake risk
Swiss Re Capital Markets has successfully structured and placed USD 270 million of notes issued by Lakeside Re III Ltd., covering North American earthquake risk on behalf of Zurich Insurance Group ("Zurich").
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