| Swiss Re Ltd | |
| Trade Name: | Swiss Re |
| Type: | Aktiengesellschaft |
| Industry: | Insurance services |
| Products: | Reinsurance, insurance, asset management |
| Revenue: | US$49.954 billion (2023) |
| Net Income: | US$3.214 billion (2023) |
| Assets: | US$179.576 billion (end 2023) |
| Equity: | US$16.371 billion (end 2023) |
| Num Employees: | 14,408 (end 2022)[1] |
| Predecessor: | Schweizerische Rückversicherungs-Gesellschaft |
| Location: | Zürich, Switzerland |
| Footnotes: | [2] [3] |
Swiss Re Ltd is a Swiss reinsurance company founded in 1863 and headquartered in Zürich, Switzerland. It is one of the world's largest reinsurers, as measured by gross premiums written.[4] Swiss Re operates through around 80 offices in 29 countries and employs over 14,000 people. It was ranked 519th on the Forbes Global 2000 list[5] and ranked 316th on the Fortune Global 500 in 2023.[6] Swiss Re is listed on the SIX Swiss Exchange.
On 10–11 May 1861, more than 500 houses went up in flames in the town of Glarus, Switzerland. Two-thirds of the town was reduced to rubble and ashes and around 3,000 inhabitants were made homeless. The damage to Glarus exceeded the reserves of the cantonal fire insurance, which had underinsured many cantonal buildings: the resulting loss was covered by donations, as well as a bond issue by the cantonal government. Similarly to the fire of Hamburg in 1842, which led to the foundation of the first professional reinsurers in Germany, the fire of Glarus made Swiss insurers demand more reinsurance coverage against catastrophic loss. As a result, Swiss Re was founded in Zürich as the first Swiss reinsurance company in 1863.[7] [8] [9]
Swiss Re was a lead insurer of the World Trade Center at the time of the September 11 attacks, which led to an insurance dispute with the owner, Silverstein Properties. In October 2006, the New York appeals court ruled in favor of Swiss Re, stating that the destruction of the twin towers was a single event rather than two, limiting coverage to $3.5 billion.[10]
Swiss Re acquired the GE Insurance Solutions property/casualty business in 2006, which made it the world's largest reinsurer.[11]
In 2009 Warren Buffett invested $2.6 billion when Swiss Re raised more equity capital after it lost 6 billion francs in its financial market operations in the Global Financial Crisis.[12] Berkshire Hathaway already owns a 3% stake, with rights to own more than 20%.[13]
In May 2016, the Fort McMurray Canadian wildfires caused estimated damages of up to CAD10 billion, with Swiss Re having the most exposure among reinsurers.[14]
Swiss Re's Admin Re subsidiary began with the acquisition on 1 July 2004 of Life Assurance Holding Corporation in the UK.[15] On 31 October 2008, Swiss Re completed a £762 million acquisition of Barclays PLC's subsidiary Barclays Life Assurance Company Ltd.[16] In June 2014, the company, through Admin Re, acquired the UK pensions business of HSBC Life (UK) Limited worth £4.2 billion.[17] The Admin Re business, which was renamed ReAssure, was eventually sold to Phoenix Group Holdings for £3.2bn in July 2020.[18]
In February 2022, it was announced that Swiss Re had acquired Champlain Reinsurance Company (Champlain Re), a Swiss-based run-off reinsurance captive of Alcan Holdings Switzerland AG, a member of Rio Tinto Alcan, in a legacy transaction.[19] Later that month, Swiss Re declared a net profit of US$1.6 billion, in a bounce back from previous losses in 2020. Still, the exposure to COVID-19 in America was excessive; together with increased damages from natural catastrophes, profits were well below the US$1.8 billion estimate. Swiss Re was able to make up for some of its losses due to its increased property business. At the same time, the board of directors assured investors that the company is only minimally exposed to losses during the Ukraine crisis.[20]
In December 2023, Swiss Re announced it had acquired research-led flood risk intelligence firm Fathom, which would retain its brand while working closely with the Reinsurance Solutions division to further develop and distribute its flood maps and models.[21]
Swiss Re Group operates through four business units:[22] [23]
Swiss Re's leadership consists of the Board of Directors and the Group Executive Committee.[24]
In April 2024, Swiss Re appointed Andreas Berger as Group CEO, effective 1 July 2024 replacing Christian Mumenthaler who has been Group CEO since 2016.[25]
Swiss Re is headquartered in Mythenquai, Zürich. Six buildings form Campus Mythenquai, with its historic headquarters being in the Altbau which was built in 1913. The majority of Swiss Re's headquarters staff are located in the adjacent Swiss Re Next building.
Its London office is located in the 30 St Mary Axe tower, which opened on 25 May 2004. The landmark London skyscraper, designed by architect Norman Foster and popularly known as "the gherkin", was sold in February 2007 for over £600 million to IVG Immobilien AG of Germany and the Evans Randall property investment firm.[26]
Swiss Re has two offices in New York, its Manhattan office is located in 1301 Avenue of the Americas. The larger of the two offices is located in Armonk and overlooks the Kensico reservoir.
Swiss Re has two Canadian offices, in Toronto and Vancouver; Swiss Reinsurance Company Canada was named one of Greater Toronto's Top Employers by Mediacorp Canada, Inc., in October 2008, as announced by the Toronto Star.[27]