The covered agreement between the EU and the US will establish a level playing field for transatlantic reinsurance business. But as it makes underwriting more attractive for reinsurers from the opposite side of the Atlantic, it is set to increase competition in both markets, adding pressure on pricing and conditions in an already soft market. Other countries like Switzerland don't want to be left behind.
Zurich Insurance Group will remove around 240 jobs from the UK business as part of a major restructure within the organisation. The roles will be largely removed from back office and non-market facing areas.
Alternative risk transfer