Zurich, Switzerland, June 5, 2001. - Zurich Re joins "inreon" (insurance meets reinsurance online"), an independent, internet based exchange for reinsurance products as a seller, offering reinsurance capacity.
Together with inreon and the participating markets Zurich Re will initially focus on developing catastrophe products implementing CRESTAplus as the reporting standard for European storm exposures and possibly also for global adaptation. Thomas Haegin, Manager Office of the CEO and Marketing commented on the participation in inreon: "inreon's standardized approach to reinsurance will serve as a great platform to implement CRESTAplus. We see this as a significant step in supporting the implementation of CRESTAplus." As further products will be developed, Zurich Re will review its offering through inreon on a continuous basis.
Zurich Re's e-business strategy is focused both on the participation in public market places, such as inreon or CATEX, as well as on in-house developed applications. Proprietary e-business solutions include www.efac.com, Zurich Re's global online facultative submissions system, www.zreclaim.com which provides our North American business partners with online claims payment and claims management information and www.risikopruefer.de, the information portal for our German speaking Life reinsurance clients. "We are constantly exploring new ways to improve efficiency and client service through e-business applications", says Dirk Lohmann, CEO of Zurich Re.
inreon limited: The world reinsurance market leaders Munich Re and Swiss Re launched inreon in December 2000 together with Internet Capital Group, the US based internet holding company with in-depth expertise in building B2B-companies, and Accenture, the leading provider of management and technology consulting services and solutions.
inreon is located in London, UK; and has an independent management team headed by CEO Rob Bredahl. Being active in seven European countries (UK, Germany, France, Belgium, Netherlands, Spain and Italy) and in the USA inreon marks its global presence. inreon's home page is www.inreon.com.
CRESTAplus: The development of CRESTAplus reporting standards is a joint initiative launched by Zurich Re, participants of the Reinsurance Roundtable, an alliance of reinsurers, European ceding companies, intermediaries and risk modeling companies organized under the leadership of Zurich Re and Zurich Financial Services. The participants at the 2001 annual CRESTA meeting in Dublin agreed to adopt the CRESTAplus reporting standards for European Windstorm developed by the Reinsurance Roundtable.
Zurich Re is among the largest reinsurance companies worldwide with a total gross premium income for 2000 of USD 3,228 bn. Zurich Re is part of the Swiss-based Zurich Financial Services Group - 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.
As announced in March 2001, following a strategic review, the Zurich Financial Services Group has decided to exit the assumed reinsurance business of Zurich Re. The intention is to accomplish this via a spin-off. Zurich Re, to be renamed, would thus become a fully independent, separately listed reinsurer, continuing to operate on a global scale.
