Dateline: 25/07/2001
Emerging Markets Solutions Group Recognized for Private Insurance Expertise
SCHAUMBURG, IL, July 25, 2001 -- The readers of Trade Finance magazine, the global magazine for trade and commodity finance, named Zurich’s Emerging Markets Solutions Group a "highly commended" winner in the magazine’s annual Trade Finance Awards for Excellence, Zurich North America announced today. The group was recognized for its expertise in the Private Insurance category and moved up to the second spot from a fourth place ranking last year.
The awards are based on an annual subscriber poll. The Private Insurance category, introduced in 1999, recognizes accomplishments in risk mitigation for banks and corporations, as well as the creation of new solutions to meet changing demands.
Daniel Riordan, executive vice president and managing director at Zurich Emerging Markets Solutions said, "We are honored to be selected for this award. It is all the more gratifying that the recognition comes from Trade Finance’s readers -- our customers --, who have clearly noticed Zurich’s role in creating successful solutions for bonds enhanced by political risk insurance. We look forward to gaining their respect again next year."
"This Trade Finance magazine award for excellence demonstrates the market awareness of Zurich’s rising profile and expanding presence within the international trade finance sector. Private insurance groups are becoming much more active in this sector, helping to facilitate transactions in certain markets, and this is a trend we are likely to see develop much further," said Jonathan Bell, editor of Trade Finance.
Zurich is the leading private insurer of emerging market bond issues against political risks, having completed seven major transactions. Zurich Emerging Markets Solutions recently provided political risk coverage for a $600 million capital markets bond for Petrobras International Finance Company Ltd., a wholly-owned subsidiary of Petroleo Brasileiro, Brazil’s leading oil and gas company. The coverage is the largest political risk insurance-enhanced issue to date. Zurich’s excellent ratings, its position as a leading underwriter and innovator in the political risk market, and its record of having written policies covering risks in 70 emerging market countries all attest to the value it brings to a deal.
Zurich North America (www.zurichna.com) is a leading commercial property-casualty, health and accident insurance provider serving the multinational, middle market and small business sectors in the United States and Canada. Headquartered in Schaumburg, Ill., Zurich North America has 11,650 employees and writes $8.0 billion in annual premiums. Zurich North America business units are the Zurich U.S. pool of companies (Corporate Customer, Middle Markets, Small Business, Strategic Partnerships, Construction, Specialties, Zurich Global Energy, Warranty, Surety & Financial Enterprises, Empire Fire and Marine and Universal Underwriters Group) and Zurich Canada. The Zurich U.S. pool of companies is rated A+ (Superior) by A.M. Best and AA+ (Excellent) by Standard & Poor's. Zurich North America is a member of the Zurich Financial Services Group.
The Zurich Financial Services Group (www.zurich.com) 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 five business segments: non-life and life insurance, reinsurance, Farmers Management Services 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 35 million customers and employing 73,000 people. Based on consolidated figures for 2000, the Group achieved gross premiums of USD 50 billion. This amount includes insurance deposits as well as premiums from the Farmers P&C Group. The net income amounted to USD 2.33 billion. On December 31, 2000, the Group had USD 440 billion of assets under management of which USD 259 billion represent funds managed for third-party institutional and retail customers.
Trade Finance Magazine is a monthly, subscription-based publication that is part of the Euromoney Institutional Investor group of publications.
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Media contacts:
Tina Angelone, Communications
Zurich North America
212-676-4385
tina.angelone@zurichna.com
Betty Schwartz
Miller DeMartine Group
201-567-7783
bschwartz@mdgpr.com