Corporate History 1931 - 1940
| previous 1921 - 1930 |
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1936 |
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Crisis also hits Switzerland. A price control office is set up in Berne to monitor the prices of imports. A slump in export prices triggers extensive unemployment in Switzerland. On 27 September 1936, the Swiss franc is devalued by 30%. At the same time as the Swiss Federal Council announces the devaluation, Swiss National Bank is exempted from the obligation to convert notes into gold or gold standard currency. This measure is intended to stimulate export activity. |
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The devaluation of the Swiss franc also favours the foreign activity of Swiss Re, which is reflected in a rise in premium income. |
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On 6 May 1936, the LZ-129 airship 'Hindenburg' explodes at the landing mast in Lakehurst, USA. The era of the once proud Zeppelins is quickly over. At the start of the Second World War, the last two remaining Zeppelins are scrapped on the Rhein-Main airfields. |
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1937 |
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Bridge-building experiences a new heyday thanks to great architects. One example is the famous Golden Gate Bridge in San Francisco, USA, built between 1933 and 1937. The main span of 1280 metres and twin towers 227 metres high mark this bold construction. |
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| 1938 |
Swiss Re has become the leading reinsurer. Premium income in 1938 is 297 million Swiss francs. Treaties are in force with 546 companies; the company employs 426 people. |
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The company founds the Neue Holding AG; in 1970, it changes its name to Swiss Re Holding Ltd. and is responsible for subsidiary companies and company holdings. The exclusive purpose of the company, according to its articles of association, is the "continual holding of domestic and foreign insurance companies". |
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1939 |
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The German invasions of Poland signals the start of the Second World War, which again brings misery to many nations. Having learned from the experience of the First World War, the company is better prepared for the turmoil of war than it had been 25 years earlier. Even so, the devaluation of various foreign currencies and the temporary loss of German business impairs premium income considerably. |
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With the political and military situation casting a menacing shadow, the National Exhibition in Zurich takes on special significance. Not only Switzerland is celebrating, but Swiss Re too. On 10 June 1939, celebrations are held to mark the company’s 75th anniversary. |
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In accounting, a change is made from the Powers system to the 'Hollorith' (IBM) system. The first keyboards for alphanumeric data and a mechanical card puncher are installed. |
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| 1940 | The restrictions imposed on foreign reinsurers and their branches in the United States compel Swiss Re to set up two further subsidiary companies which, as American companies, receive the same treatment as other US reinsurers. In 1940 the North American Casualty and Surety Reinsurance Corporation and the North American Fire and Marine Reinsurance Corporation are established. In 1956, the two Non-Life subsidiary companies are merged into the North American Reinsurance Corporation. The major part of the business of the US branch is transferred to this new company. | ||||||||||||
| previous 1921 - 1930 |
