Dateline: 03/11/2003
Riordan named chairman of Technical Panel of Investment Insurance Committee
SCHAUMBURG, Ill, November 3, 2003 -- Zurich Emerging Markets Solutions (ZEMS), the political risk and credit insurance arm of Zurich North America, was elected a permanent member of the Berne Union at its recent Annual General Meeting. Daniel W. Riordan, executive vice president and managing director of ZEMS, was also named chairman of the Technical Panel of the Investment Insurance Committee.
Based in London, the Berne Union was established in 1934 and currently has 52 members from 43 countries. The organization promotes international acceptance of sound principles of export credit insurance and foreign investment insurance. It also provides a vital forum for exchange of information, experience and expertise among members. Between 1982 and 2002, the members of the Berne Union provided support for exports worldwide amounting to USD 7,334 billion and supported foreign direct investments of USD 139 billion.
Kimberly Wiehl, the Berne Union’s Secretary-General, commented, "We’re delighted that ZEMS has been elected to permanent membership. As an experienced underwriter of political risk insurance in the emerging markets, ZEMS can contribute substantially to the Berne Union’s activities."
"Our election to permanent status in the Berne Union underscores ZEMS’ strategy of actively seeking partnerships with multilateral organizations and public agencies," said ZEMS’ Daniel Riordan. "The resources and talents of both the public and private sector are needed to bring creative insurance solutions to businesses seeking growth through exports and foreign direct investment."
Zurich Emerging Markets Solutions (www.zurichna.com/politicalrisk) is a global political risk and credit insurance group based in Washington, DC, with offices in London, Barcelona, Hong Kong, Singapore and Tokyo. ZEMS conducts business in over 90 emerging markets and provides political and credit risk solutions to financial institutions, multinational corporations, export credit agencies and multilateral institutions.
Zurich North America (www.zurichna.com) is a leading commercial property-casualty 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 12,750 employees and wrote $13.6 billion in premiums in 2002. Zurich North America includes the Zurich U.S. business units (Corporate Customer, Middle Markets, Small Business, Strategic Partnerships, Construction, Specialties, Zurich Global Energy and Empire Insurance Companies), as well as Universal Underwriters Group, Zurich North America Canada, Zurich Corporate Solutions and Centre. The Zurich U.S. pool of companies is rated A (excellent) by A.M. Best and A+ (strong) by Standard & Poor's. Zurich North America is a member of Zurich Financial Services.
Zurich Financial Services (www.zurich.com) is an insurance-based financial services provider with an international network that focuses its activities on its key markets of North America, the United Kingdom and Continental Europe. Founded in 1872, Zurich is headquartered in Zurich, Switzerland. It has offices in more than 50 countries and employs about 64,000 people.
SWX Swiss Exchange/virt-x: ZURN
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Media contacts:
Sharon Weinstein
Zurich North America
212-225-7241
sharon.weinstein@zurichna.com
Joanne Lessner
Miller DeMartine Group
203-221-2790
jlessner@mdgpr.com