The Swiss Re Group provides reinsurance, insurance and other forms of insurance-based risk transfer. Headquartered in Zurich, Switzerland, where it was founded in 1863, today the Swiss Re Group operates globally through a network of around 80 offices. Swiss Re was ranked 130th in Forbes 2000 Global leading companies 2017. It was also ranked 220nd in Fortune Global 500 in 2017.
Video Swiss Re
History
The story of Swiss private insurance started in the 19th century. Visionary industrial pioneer Alfred Escher recognised that the industrial development of Switzerland would not succeed without adequate risk transfer and investment capital. When a devastating fire destroyed the city of Glarus in 1861 and confronted Swiss insurers with a massive loss that amounted to five times their reserves, the concept of reinsurance became especially resonant.
In the same year, fire insurer Helvetia was formed, and its director suggested the creation of a reinsurance company in Switzerland in order to prevent reinsurance premiums from going to foreign reinsurers. On 19 December 1863, the founding documents for the Swiss Reinsurance Company were signed by Gottfried Keller, at that time Chancellor of the Canton of Zurich.
Swiss Re was active internationally since its first day of operations. It grew steadily, expanding its presence to the United States and England by the early 20th century. While stretching the company to its limits, Swiss Re played a crucial role in the aftermath of the great San Francisco earthquake and fire in 1906.
Maps Swiss Re
Group structure and operating model
The Group consists of the following three Business Units:
- Reinsurance: Reinsurance provides clients and brokers with reinsurance products, insurance-based capital market instruments and risk management services. Reinsurance operates globally through two segments - Property & Casualty and Life & Health.
- Corporate Solutions: Corporate Solutions provides risk transfer solutions to large and mid-sized corporations around the world. Its innovative, highly customised products and standard insurance covers help to make businesses more resilient, while its industry-leading claims service provides additional peace of mind.
- Life Capital: Life Capital manages closed and open life and health insurance books. It provides alternative access to the life and health risk pool, helping to generate stable returns and seize attractive new opportunities.
Leadership
Swiss Re's leadership consists of the Board of Directors, the Group Executive Committee and the Group Management Board.
Members of the Group Executive Committee include Christian Mumenthaler, Group Chief Executive Officer; John Dacey, Group Chief Financial Officer; Guido Fürer, Group Chief Financial Officer; Agostino Galvagni, CEO Corporate Solutions; Jean-Jacques Henchoz, CEO Reinsurance EMEA; Thierry Léger, CEO Life Capital; Moses Ojeisekhoba, CEO Reinsurance; Jayne Plunkett, CEO Reinsurance Asia; Patrick Raaflaub, Group Chief Risk Officer; Edouard Schmid, Group Chief Underwriting Officer; J Eric Smith, CEO Reinsurance America; Thomas Wellauer, Group Chief Operating Officer.
Headquarters and corporate locations
Swiss Re operates out of about 80 office locations in more than 30 countries. It is headquartered in Zurich where it was founded in 1863. Swiss Re underlined its commitment to its Zurich location with the opening of Swiss Re Next in 2017. Swiss Re Next sets a milestone in the ongoing development of Campus Mythenquai, where Swiss Re will eventually bring together all employees based in Switzerland. The new office building provides 800 work spaces for 1100 employees.
Its London office is located in the prominent 30 St Mary Axe tower, popularly known as "the gherkin." Another notable office is Swiss Re's American headquarters in Armonk, New York on a 127-acre (52 hectares) site overlooking Westchester County's Kensico Reservoir. The facility also houses its own solar power plant, which provides 60% of the daily power required by the 700 employees that work at Swiss Re in Armonk.
People and culture
As of 31 December 2017, Swiss Re employed 14 485 people from over 110 nationalities: 59.5% work in Europe, the Middle East and Africa, 25.8% in the Americas and 14.7% in the Asia-Pacific region.
Swiss Re outperformed in all HR categories within the prestigious Dow Jones Sustainability Indices, with Swiss Re top on the social dimension and above the world average in every human capital dimension (Human Capital Development scored 100% versus the industry average of 38 and world average of 77).
Swiss Re acknowledges that one size does not fit all and that the way of working changes in step with the challenges in the markets where it operates. Swiss Re supports flexible work models and empowers employees to structure their workday with a large degree of autonomy.
Corporate responsibility
Swiss Re has a long-standing commitment to corporate responsibility. It is a signatory to the UN Global Compact, the Principles for Sustainable Insurance and the Principles for Responsible Investment and is listed on leading sustainability indices and ratings.
Identifying climate change as a major sustainability challenge almost 20 years ago, Swiss Re has put a special focus on this topic and developed a number of innovative responses.
Swiss Re's humanitarian and social values are also reflected in the Swiss Re Foundation. One of the guiding principles of the Swiss Re Foundation is empowering communities to become more self-sufficient and resilient to risk.
Swiss Re's sponsorship of art and culture inspires fresh thinking and dialogue, and is an investment in cultural life.
Sustainability
As a founding partner of RE100, Swiss Re is committed to becoming 100% powered by renewable electricity by 2020 - a lot of it coming from the company's own energy production. In 2017 over '84% of the power' Swiss Re consumed came from renewable sources.
Swiss Re has invested approximately USD 7 million into its largest solar project so far - a 2MW solar power plant which is in operation at Swiss Re Americas' headquarters in Armonk, NY. The plant generates more than 60% of the building's power requirements.
Swiss Re's commitment to help reduce GHG emissions also extends to its employees via the company's "COyou2 reduce and gain" programme. This programme incentivises employees to make low carbon investments to their homes - e.g. install solar panels or geothermal heating - by offering financial subsidies. It also encourages low carbon transportation for employee commutes, including the subsidising of bicycle purchases and public transportation.
In 2017, Swiss Re was among the first in the re/insurance industry to switch its investment process to benchmarks that systematically integrate environmental, social and governance (ESG) criteria.
See also
- Geneva Association
- European Financial Services Roundtable
- Institute of International Finance
- World Economic Forum
References
External links
- Official website
Source of the article : Wikipedia
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