Corporate History 1971 - 1980
| previous 1961 - 1970 |
| 1972 |
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To secure enough reserve office space at its headquarters, Swiss Re buys two additional office buildings on the Alfred Escher-Strasse opposite the main building. Bernhard Luginbühl is commissioned to execute a sculpture to stand in front of the main entrance of the 'Neubau'. |
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The share capital is increased from 100 to 111 million Swiss francs when bearer shares are issued for the first time. |
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At Swiss Re a new management concept based on a participative style of management is developed. The company’s top management approves the new management principles on this basis. |
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In 1968, Swiss Re had acquired a holding in the General Surety & Guarantee Company Ltd. in Wilmslow, England, a company founded in 1947 and specialising in Surety business. In August 1972, this is increased to a majority shareholding. |
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On 17 July 1972, a contact office is opened in the Dowa Building in Tokyo to perform service and information functions. In 1981, the office is renamed Swiss Reinsurance Company Representative Office Tokyo. |
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1973 |
The international presence is strengthened further by the foundation of two service companies, OFATEC Venezuela in Caracas and OFATEC México in Mexico City. In addition, Swiss Re Holding (North America) Inc. is set up in August 1973 as a holding company for the North American Reinsurance Corporation and North American Reassurance Company. |
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1974 |
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As a result of the oil crisis of the 1970s, the supertankers lose significance. Gigantic tankers of up to 564,000 gross registered tons are laid up or scrapped. |
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After a restructuring phase lasting several years, clear majority holdings have been created in the sector of German insurance companies that belong to the Group in the broader sense. The restructuring is concluded when Swiss Re Holding Ltd. sets up a German holding company, 'SR Beteiligungen AG', in Munich, which takes over from Swiss Re Holding the majority shares of the two all-branch insurance groups, the 'Vereinigte' and the 'Magdeburger' groups. The 'Vereinigte Versicherungsgruppe', which changes its name in 1988 to 'Vereinte Versicherung', is one of Germany’s leading insurance groups. |
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The 'footballer of the century': the Brazilian Pelé scores more than 1000 goals in major matches, is three times winner of the World Cup with Brazil’s national team and draws millions of football fans into the stadia in the course of his career. |
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1976 |
Swiss Re founds Swiss Re Advisers Ltd., Manila, in the Philippines. |
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1977 |
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One of the largest projects of the 1970s is completed; the 1277 kilometre long Trans-Alaska pipeline between Prudhoe Bay in the North and the southern terminal in Valdez is opened in 1978. |
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The service company SOCARI is founded in Buenos Aires. |
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In autumn 1976, the SWITZERLAND General Insurance Company Ltd., Zurich, is looking for a strong partner and approaches Swiss Re. |
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A take-over bid is made and Swiss Re acquires 94% of the company’s shares by expiry of the deadline on 22 January 1977. The new subsidiary is one of the leading international Marine insurers in Switzerland and has subsidiary companies in Australia, Spain and England; it is likewise active in reinsurance. |
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45 of his records achieved sales of over a million. With a total of 600 million records sold, Elvis Presley is the most successful singer of all times. The king of rock is, however, unable to handle fame and fortune and dies, a human wreck, in August 1977 at the age of 42. |
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1979 |
In the last 20 years the number of staff at head office has doubled to around 900; the number of guests to be catered for has risen to over 5000 per year. For this reason, the 'Clubhouse' has been enlarged in a two-year rebuilding programme taking into account aspects of urban architecture and the building’s representative function. The 'new Clubhouse' is opened in spring. |
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In its series of publications Swiss Re contributes to the discussion of ecology and environment with a highly esteemed publication entitled 'Ecology and Environmental Protection'. |
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When the tanker 'Amoco Cadiz' breaks in two off the coast of Brittany in 1978, 230,000 tons of oil are discharged into the sea. The oil slick pollutes beaches, kills fish and brings a cruel death to many marine birds. |
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1980 |
Further acquisitions are effected within the Group. After the take-over of the 'mh Bausparkasse AG', a Munich-based building society, Swiss Re and the Zurich Insurance Company each take a 50% share of the Fidelity and Deposit Company of Maryland, Baltimore, USA, one of America’s leading Fidelity insurance companies. In addition, 100% of the share capital of the 'Isar Lebensversicherung AG', Munich, is acquired. This company is merged with the 'EOS Lebensversicherung AG', Dusseldorf, to become the 'Vereinte Lebensversicherung AG', Munich. |
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The age of microchips is in full bloom. Because of the progressive miniaturisation of electronic parts more and more control functions can be performed by machines. Industrial robots start to be used in large car manufacturing plants. |
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For the first time Swiss Re creates a non-voting share capital of 12 million Swiss francs (240,000 non-voting shares at a nominal value of 50 Swiss francs each). |
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| previous 1961 - 1970 |
