Swiss Re
| Swiss reinsurance company
|
|
|---|---|
 |
|
| legal form | Corporation |
| ISIN | CH0126881561 |
| founding | 1863 |
| Seat |
Zurich , Switzerland
|
| management |
Christian Mumenthaler ( CEO ) Walter B. Kielholz ( Chairman of the Board of Directors ) |
| Number of employees | 14 943 |
| sales | $ 37.047 billion |
| Branch | banks and insurance companies |
| Website | www.swissre.com |
| As of December 31, 2018 | |
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The Swiss Reinsurance Company ( Swiss Re for short ), headquartered in Zurich , Switzerland , is the world's second largest reinsurance company after Munich Re . The company trades abroad under the name Swiss Reinsurance Company , but operates globally under the name Swiss Re . The shares of Swiss Re are listed on the Swiss stock exchange SIX Swiss Exchange traded.
The company is strong in property insurance business (premium volume: 15,090,000,000 US dollars) and in the life insurance business : represented (10.963 US billion premium volume). In addition, Corporate Solutions ($ 3.379 billion) and Admin Re ($ 0.782 billion) contribute to revenue.
Swiss Re is also a partner in Cologne-based Extremus Versicherung , a specialist insurer for major losses caused by terrorism . The equity is currently 32.415 billion US dollars (as of December 2015).
Swiss Re ranks 118th on Forbes Global 2000's list of the most expensive public companies in the 2016 edition. On the Fortune Global 500 list , Swiss Re was ranked 313 in 2015 (competitor Munich Re: 103). In the separate Fortune ranking by assets, Swiss Re was in 111th place, Munich Re in 84th place.
history
Swiss Re was founded in 1863 by Helvetia Insurance , Schweizerische Kreditanstalt and Basler Handelsbank. The first foreign branch was opened in New York in 1910. In 2001 the London office tower 30 St Mary Ax was built .
Swiss Re was the World Trade Center's leading insurer during the September 11, 2001 terrorist attacks , which led to a long insurance dispute with owner, Silverstein Properties . In October 2006, the New York Court of Appeals ruled in favor of Swiss Re. It found that the destruction of the Twin Towers should be assessed as one event rather than two events. This limited the maximum insurance coverage to 3.5 billion US dollars.
In November 2005, Swiss Re acquired GE Insurance Solutions, the bulk of the insurance business of US conglomerate General Electric, for an estimated $ 6.8 billion . With the purchase, Swiss Re became the world's largest reinsurer, but was overtaken by competitor Munich Re again in 2007 .
As a result of the global financial crisis, Swiss Re expected a net loss of around CHF 1 billion for the 2008 financial year. These losses resulted in particular from the risky hedging of credit derivatives . To strengthen its capital base, Swiss Re raised three billion Swiss francs from Berkshire Hathaway . In addition to ongoing risk reduction, Swiss Re carried out a further capital increase of CHF 2 billion via authorized capital .
In fact, the loss from 2008 was CHF 864 million. The CEO Jacques Aigrain therefore announced his resignation in mid-February 2009.
In April 2009, his successor Stefan Lippe announced considerable cost savings of around 400 million francs (the equivalent of 265 million euros) by the end of 2010. This would also require 10 percent of the approximately 11,560 jobs to be cut within 12 months, which was also implemented.
By the end of 2009, net savings of 205 million francs had been made and a profit of 506 million francs was achieved. In 2010 it was 863 million, but that was reduced by the early cancellation of Berkshire Hathaway's convertible bond in the fall.
In June 2014, the Swiss Re subsidiary Admin Re acquired the repurchase business of the major British bank HSBC (HSBC Life). The related assets were valued at around £ 4.2 billion.
2017 was the biggest loss year in Swiss Re's history to date.
In 2019, Swiss Re sold its UK subsidiary ReAssure to Phoenix Group Holdings .
literature
- Peter Borscheid, David Gugerli, Tobias Straumann : Swiss Re and the world of risk markets: a story . CH Beck, Munich 2014, ISBN 978-3-406-65583-8 .
Web links
- Swiss Re website
- Lars Feldmann: Swiss Reinsurance Company. In: Historical Lexicon of Switzerland .
Individual evidence
- ^ Entry in the commercial register of the Canton of Zurich ( Memento from September 27, 2007 in the Internet Archive )
- ↑ a b Swiss Re Financial Report 2018
- ↑ tagesanzeiger.ch: Swiss Re is apparently planning a large purchase. (No longer available online.) Archived from the original on October 23, 2008 ; Retrieved January 16, 2012 .
- ↑ Swiss Re 2015 Annual Report
- ^ Swiss Re on the Forbes Global 2000 List. Retrieved July 13, 2016 .
- ↑ Global 500. July 21, 2015, accessed July 13, 2016 (American English).
- ↑ ubl: Attacks are seen as a single event: Swiss Re wins dispute over World Trade Center. In: Neue Zürcher Zeitung. Retrieved July 13, 2016 .
- ↑ handelsblatt.com: Default value: Swiss Re becomes the largest reinsurer in the world through GE acquisition , November 18, 2005, accessed on September 2, 2011.
- ^ Herbert Fromme: Portrait: Nikolaus von Bomhard - The Art of Descent. September 28, 2009. ( m.ftd.de ( memento from July 10, 2012 in the web archive archive.today ), accessed on September 2, 2011)
- ↑ tagesschau.sf.tv: Swiss Re shareholders approve capital increase , March 13, 2009, accessed on September 2, 2011.
- ↑ a b handelsblatt.com: Insurance: Swiss Re is back in the black , February 18, 2010, accessed on September 2, 2011.
- ↑ After losing billions - Swiss Re cuts every tenth digit ( Memento from April 4, 2009 in the Internet Archive ) In: Financial Times Deutschland . April 2, 2009.
- ↑ handelszeitung.ch: Stefan Lippe: "If the right opportunity arises, we buy" , January 20, 2010, accessed on September 2, 2011.
- ^ An expensive farewell to Buffett: Swiss Re makes less profit . n-tv.de, January 17, 2011, accessed on September 2, 2011.
- ^ Carolyn Bandel, Richard Partington: Swiss Re Unit Agrees to Buy HSBC UK Pension Business. In: Bloomberg.com. Retrieved July 13, 2016 .
- ↑ in the broadcast Daily Talk by Radio SRF 4 News on the sidelines of the WEF in Davos ( Disasters and climate change - a risk that nobody wants to bear anymore? ) January 28, 2019, accessed on January 29, 2019.
- ^ Phoenix Group Announces Proposed Acquisition Of ReAssure Group. In: www.finanznachrichten.de. December 6, 2019, accessed December 7, 2019 .