Zurich brand re-enters the U.S. life insurance market
Zurich - Zurich Financial Services Group (Zurich) today announced the expansion of its Global Life business segment in the United States (U.S.) market. This will be the first time since 2003 that life insurance products will be sold under the Zurich brand name in the U.S.
“The decision to further life insurance products and services in the U.S. is viewed as a constructive element of Zurich’s global initiative to be the best insurance provider worldwide as measured by our customers, employees and shareholders,” said Zurich Global Life CEO Kevin Hogan. “With Zurich being a leading global insurer, and the U.S. being the largest insurance market in the world, this is a logical and natural progression that will balance Zurich’s already strong General Insurance business segment presence in the market.”
Zurich Global Life in North America will have initially two U.S. market offerings - Corporate Life & Pensions and Affluent Markets.
Corporate Life & Pensions (CLP)
Leveraging Zurich’s extensive international expertise, CLP products will be cost-effective and comprehensive group benefit packages for U.S. corporations with multinational operations and workforces. Above and beyond traditional life and disability insurance, additional benefit programs are tailored to meet the specific needs of domestic and international employees through additional services, such as emergency evacuation and repatriation. Alternative funding arrangements, including multinational pooling and captive management programs are also available. CLP products and services will be distributed through Zurich’s relationship leaders, employee benefit consultants and regional brokers. For more information please visit: www.zurichna.com/benefitsolutionz.
Offered through select brokerage general agencies, Affluent Markets products will focus on delivering specialized life insurance products that will be used in customized wealth transfer planning and business insurance continuity solutions, including buy-sell agreements and key executive coverage for collateralizing business loans. More information on these solutions can be found at: www.zlifeusa.com.
Zurich CEO of Global Life North America David Dietz will head up the endeavor.
“These initial target markets will enable us to establish a foundation for a long-term Zurich Global Life presence in the U.S.,” said Dietz. "We will be working closely with key broker distribution channels to custom build and tailor Zurich’s initial offerings to meet the demands of their clientele. What’s more, Zurich’s strong global reach offers the type of network and capabilities that will set us apart from other top life insurers in the U.S. market.
Note to Editors:
Background and history of Zurich Global Life in North America
Zurich Global Life in North America will operate under three separate life insurance companies - Zurich American Life Insurance Company, Universal Underwriters Life Insurance Company and Farmers New World Life.
What is now Zurich American Life Insurance Company originally commenced business in 1947 as Citizens Life and Casualty Insurance Company, which then became Kemper Investors Life Insurance Company. Zurich acquired life insurance subsidiaries from Kemper Corporation in 1995 and for nearly ten years thereafter products and services were offered under the trade names Zurich Kemper Investors Life and Zurich Life U.S. As a result of a companywide strategic transition in 2002, much of the U.S. life insurance assets were sold, while Kemper Investors Life Insurance Company remained to service certain business. In August 2010, Kemper Investors Life Insurance Company was renamed to Zurich American Life Insurance Company.
Universal Underwriters Life Insurance Company is a wholly-owned subsidiary of Zurich and will provide operations and back office support to both the Affluent Markets and CLP offerings.
Farmers New World Life (FNWL) is a wholly-owned subsidiary of Zurich and will be managed as part of Zurich Global Life in the U.S. FNWL will continue its focus on selling its tailored life insurance products through the exclusive agent channel of the Farmers Exchanges, prominent writers of personal lines insurance in the U.S. The Farmers Exchanges are managed but not owned by Farmers Group, Inc., a wholly owned subsidiary of Zurich. FNWL will continue operating under the Farmers brand name.
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Zurich Financial Services Group (Zurich) is an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe as well as in Asia-Pacific, Latin America and other markets. Founded in 1872, the Group is headquartered in Zurich, Switzerland. It employs approximately 60,000 people serving customers in more than 170 countries.
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