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Zurich Insurance Expects Limited Exposure to Greensill Collapse


Zurich Insurance Expects Limited Exposure to Greensill Collapse
Zurich Insurance does not expect to have a major exposure to the failure of supply chain financing firm Greensill Capital, the insurer’s chief financial officer said on Wednesday after it reported solid first-quarter earnings.
Greensill Capital lent money to firms by buying their invoices at a discount but it collapsed in March 2021 after one of its main insurers declined to renew its cover.
Among the investors burnt in the widespread fallout were clients of Swiss banking giant Credit Suisse, steel magnate Sanjeev Gupta’s GFG Alliance and some 26 German towns.
Zurich, a major player in the trade credit insurance market, is one of several insurers which are unsecured creditors to Greensill’s UK business, according to administrator Grant Thornton’s report published last week. ....

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Zurich Insurance Sees Limited Greensill Exposure


Zurich Insurance Sees Limited Greensill Exposure
By Carolyn Cohn and Michael Shields | May 12, 2021
LONDON/ZURICH Zurich Insurance does not expect to have a major exposure to the failure of supply chain financing firm Greensill Capital, the insurer’s chief financial officer said on Wednesday after it reported solid first-quarter earnings.
Greensill Capital lent money to firms by buying their invoices at a discount but it collapsed in March 2021 after one of its main insurers declined to renew its cover.
Among the investors burnt in the widespread fallout were clients of Swiss banking giant Credit Suisse, steel magnate Sanjeev Gupta’s GFG Alliance and some 26 German towns. ....

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Zurich Insurance to Buy MetLife's P&C Unit for $4 Billion


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(Bloomberg) Zurich Insurance Group AG agreed to buy of MetLife Inc.’s U.S. property and casualty business in a $3.94 billion cash transaction, extending its reach in the world’s largest economy.
Zurich’s subsidiary Farmers Group Inc. and Farmers Exchanges, which the insurer manages, will fund the purchase jointly, the Swiss company said in a statement on Friday.
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Zurich Insurance to Buy MetLife s P&C Unit for $4 Billion Back to video
Zurich will gain a nationwide presence in the U.S. and access to MetLife’s distribution channels to 3,800 companies for 10 years, the company said. That may help boost revenue at the unit, where gross written premiums declined 3% to $15.3 billion in the third quarter. ....

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