Taking a Different Tack.Richard E. Smith is president and chief executive officer of Zurich Re (North America) Inc., based in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . He has an answer for those who think reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. may be a boring industry: "If you approach the business in a different way, it can be very exciting? He and his colleagues have tried to do that at ZRNA, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Zurich Financial Services Zurich Financial Services Group is a major financial services group based in Zurich, Switzerland. Global operations North America The US consumer market is served primarily by Farmers Insurance Group the third largest personal lines property & casualty insurance Group, Switzerland. ZRNA is Zurich Financial's principal underwriting affiliate in the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. market for property and casualty reinusrance. Defining events of 1999: The most significant event and initiative for Zurich Re (North America) Inc. was our collaborative effort to become a global organization. In addition, the development of new products, such as e-commerce products, weather derivatives, surety, marine and dualtrigger property products. Defining events of 2000: We believe that there will be two defining events in 2000 and beyond. They are financial-services reform in the United States and the growth of the Internet. Surprise of 1999: The failure of securitization to take a foothold in 1999 and the ability of the traditional market to maintain their market position. As a global reinsurer re·in·sure tr.v. re·in·sured, re·in·sur·ing, re·in·sures To insure again, especially by transferring all or part of the risk in a contract to a new contract with another insurance company. , what emerging markets interest you right now? We believe that South America is a market that is changing quickly, especially Brazil. We find Asia, particularly China with the trade agreement signed just recently, as another market that has tremendous potential. |
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