ZURICH, Switzerland, Nov 18, 2010 (A. M. Best via COMTEX) --
Zurich Financial Services Group said its brand is returning to the U.S. life insurance market. The last time the Switzerland-based insurer sold life insurance in the United States under the Zurich name was 2003.
Zurich Global Life in North America will first expand into two U.S. markets -- corporate life and pensions and affluent markets, Zurich said in a statement.
Corporate life and pensions will sell group benefit packages to U.S. corporations with multinational operations and employees. Along with traditional life and disability insurance, additional benefit programs will be offered.
Affluent markets will focus on life insurance for the wealthy that can be used for estate-planning, as well as insurance for business continuity, including buy-sell agreements and executive coverage for collateralizing business loans. It will sell products through certain brokerage general agencies.
When Zurich looked at its life market offerings, "it was clear, based on current market conditions, to offer our products in the U.S., considering the U.S. is the largest life market in the world, has one of the highest savings ratios, and employee benefits markets," a spokesperson for Zurich Global Life said in an e-mail.
Leading the expansion is David Dietz, chief executive officer of Zurich Global Life North America.
Three life insurance companies -- Zurich American Life Insurance Co., formerly Kemper Investors Life Insurance Co.; Universal Underwriters Life Insurance Co. and Farmers New World Life will operate under Zurich Global Life in North America. Kemper Investors Life was renamed to Zurich American Life in August, the company said.
Earlier this year, Zurich changed its management structure to reflect how it manages its insurance businesses globally (BestWire, May 17, 2010).
Mario Greco was named CEO of general insurance. John Amore, then the current CEO, was to step down but continue as a member of the group executive committee. Kevin Hogan was named CEO of global life and replaced Greco (BestWire, May 17, 2010).
Farmers New World Life currently has a Best's Financial Strength Rating of A (Excellent). Universal Underwriters Life and Kemper Investors Life each currently have a Best's Financial Strength Rating of A- (Excellent).
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We now learn more of what Zurich has planned by re-entering the US market, or certain markets to be more precise. We wish them all the best and hope it is a success.
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