Dateline: 08/06/2000
SCHAUMBURG, IL. -- Zurich U.S., a leading commercial property-casualty insurance provider, has named John D. Cole
Executive Vice President and Chief Claims Officer of Zurich U.S. Claims, the company announced today. At the same time,
Zurich U.S. announced that it has consolidated its Claims, Express Claims and Legal Services departments into a single
enterprise-wide division, Zurich U.S. Claims. Mr. Cole will be responsible for directing the entire Claims organization.
"With John at the helm, we will make our delivery of claims and legal services one of the most efficient models in the industry. He will help us provide total loss cost management solutions for our customers," said Frank Patalano, President and CEO, Zurich U.S. Services. "In his new role, John will use his extensive legal, claims and business experience to provide strategic direction to the Zurich U.S. Claims organization.
"By merging these three related businesses into one unit, we will link them even more tightly," Mr. Patalano continued. "With a single set of goals and objectives, a unified management structure, and a consistent message to customers, we aim to make our Claims business an important competitive differentiator for Zurich U.S."
Most recently Mr. Cole has served as executive Vice President - Legal Services, Zurich U.S. Previously Mr. Cole served as Senior Vice President of Claims and as Senior Vice President and General Counsel for the Maryland Insurance Group. Mr. Cole holds a law degree from the University of Baltimore and an undergraduate degree from Rutgers University. He is a member of the American Bar Association, the Maryland State Bar Association, and the Defense Research Institute. He was the founding chairman of the Insurance Environmental Litigation Association from 1986 to 1988. In addition, Mr. Cole is a member of the International Association of Defense Counsel, where he has served as Vice President, Insurance, and as a member of its Executive Committee.
Zurich U.S. (www.zurichna.com) is a leading commercial property-casualty insurance provider serving the multinational, middle market and small business sectors in the United States. Headquartered in Schaumburg, Ill. and operating in all 50 states and the District of Columbia, Zurich U.S. has 6,400 employees and assets of $10.2 billion. The company writes more than $4 billion in annual premiums. Zurich U.S.’ business units are Enterprise Risk, Diversified Products, Small Business, Construction, Global Energy, Specialties, Zurich Services and Fidelity & Deposit. Zurich U.S. is a member of the Zurich Financial Services Group, a global leader in the financial industry. Zurich U.S. is rated A+ (Superior) by A.M. Best and AA+ (Excellent) by Standard & Poor’s.
The Zurich Financial Services Group is a global leader in the financial services industry, providing its customers with solutions in the area of financial protection and asset accumulation. The Group concentrates its activities in four core businesses: non-life and life insurance, reinsurance and asset management. Headquartered in Zurich, Switzerland, the Group’s worldwide presence builds on strong positions in its three key markets -- the United States, the United Kingdom and Switzerland. It has offices in more than 60 countries reaching over 35 million customers and employing 68,000 people. Based on consolidated figures for 1999, the Group achieved gross premiums of USD 48 billion. This amount includes insurance deposits as well as premiums from the Farmers Exchanges. The net income amounted to USD 3.26 billion. On December 31, 1999, the Group had USD 442 billion of assets under management of which USD 264 billion represent funds managed for third-party institutional and retail customers.