Tag Archives: zurich financial services group

Zurich continues to streamline the corporate structure of its general insurance business in the EU

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Zurich – Zurich Financial Services Group (Zurich) announced the transfer of the vast majority of its general insurance portfolios in Italy, Portugal and Spain to local branches of its EU-based risk carrier Zurich Insurance plc, Ireland, (ZIP) effective January 1, 2010. A similar transfer is planned for Zurich’s general insurance business in Germany later this year. The general insurance business in the United Kingdom was transferred to the ZIP UK branch effective January 2009. In addition, most of the Global Corporate division’s business written in the EU has been progressively transferred to ZIP branches since 2005.
The transfers are part of an ongoing Group-wide effort to simplify Zurich’s legal structure and consequently achieve greater flexibility in its capital management.
For customers nothing will change. They will continue to receive the same high levels of service and protection regarding the conduct of business, in particular in terms of complaint handling and the ability to seek redress through local legal processes.
Markus Hongler, Chief Executive Officer Western Europe and Zurich Insurance plc, said: “Upon completion of all transfers, ZIP is expected to generate revenues of about EUR 11 billion. For Zurich as a Swiss-based corporation, a single EU-based risk carrier with branches in the EU member states is both capital and operationally efficient. It enables us to take advantage of the EU single market and regulatory environment.”
Zurich Financial Services Group (Zurich) is an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe as well as in Asia Pacific, Latin America and other markets. Founded in 1872, the Group is headquartered in Zurich, Switzerland. It employs approximately 60,000 people serving customers in more than 170 countries.
Zurich Insurance public limited company (ZIP) is Zurich’s European general insurance risk carrier based in Ireland. It is rated AA-/Negative by Standard & Poor’s. It has regulated branches in Belgium, Finland, Denmark, France, Italy, Norway, Portugal, Spain, Sweden, the Netherlands and the United Kingdom as well as conducting business in Ireland. ZIP’s operating structure provides an efficient and effective platform through which to execute Europe General Insurance’s and Global Corporate’s strategies to deliver customized, comprehensive and competitive products, solutions and claims management services to Zurich’s personal and commercial customers in those countries in which it is established. ZIP is regulated by the Irish Financial Regulator and is registered in Ireland. Registered office: Zurich House, Ballsbridge Park, Ballsbridge, Dublin 4, Ireland.

Source: WEBWIRE

Zurich Financial Services Group and CSC Sign New IT Services Contract in Europe and North America

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Zurich Financial Services Group and CSC Sign New IT Services Contract in Europe and North America
ZURICH, Switzerland, and FALLS CHURCH, Va., CSC (NYSE: CSC) announced today that it has signed a ten-and-a-half year master service agreement with Zurich Financial Services Group (Zurich) for data center and information technology (IT) infrastructure managed services. The master service agreement provides the framework for country specific agreements to be subsequently entered into by the local entities of each party. The master service agreement will become effective upon the signing of the first country specific agreement. The contract covers global data center centralization and server virtualization and is designed to transform Zurich’s existing data center environment into a fully modernized, flexible and highly virtualized operation.
The potential total contract value is estimated to be up to $2.9 billion assuming the successful negotiation of all anticipated country specific agreements and the provision of the full scope of services in all the planned countries over the initial ten-and-a-half year term. Services are expected to commence under the master service agreement and one or more country specific agreements in the first half of 2010. All of the agreements are subject to regulatory and other approvals and notifications, including consultation of relevant workers councils.
Under the terms of the agreement, depending on the country specific agreements entered into, up to approximately 1,000 Zurich employees will potentially transition to CSC during the first half of 2010.
The relationship between Zurich and CSC began in July 2004 when the companies signed a seven-year, $1.3 billion applications outsourcing contract. In 2008, the scope of work expanded to include desktop services in Europe and North America.

Source: WEBWIRE