The history of Zurich

In 1872, Gottfried Keller, the clerk to the canton of Zurich, personally signed the Articles of Incorporation that founded the “Versicherungs-Verein” in Zurich. With share capital of CHF 886,000, it initially provided reinsurance for Schweiz-Versicherung.

Over the years the company’s history has been shaped by expansions and developments, punctuated by phases of rapid change and consolidation. Zurich expands geographically by either setting up branches or - particularly in more recent times - acquiring other companies. The insurance business is continually being built up, but sometimes divisions are sold. Below are some of the key dates in the company’s history.

In 1875 the “Versicherungs-Verein” expanded operations, entered into the nascent accident insurance market and was renamed “Transport&Unfall-Versicherungs-Actien-Gesellschaft”. That same year it received the first licenses to conduct business in other countries.

In 1881 the company suspended its marine business, shifting its main focus to accident and liability lines. The company changed its name again in 1894 to “Zurich Allgemeine Unfall- und Haftpflicht-Versicherungs-Aktiengesellschaft”. In 1895 Zurich launched personal liability insurance, and in 1899 burglary, theft and embezzlement insurance.

Due to legal developments in the field of workers’ compensation (which resulted in the establishment of SUVA in 1917, providing Zurich with a major portion of its business), Zurich ventured into the US in 1912, established a branch in London in 1922 and one in Canada in 1923.

Zurich entered a new business line in 1922 when it set up its subsidiary, Vita Lebensversicherung AG, which soon expanded its business into neighboring countries. In 1938 Zurich founded Turegum Reinsurance in Switzerland, and the Zurich Life Insurance Company in New York in 1947.

”Zurich Allgemeine Unfall- und Haftpflicht-Versicherungs-Aktiengesellschaft” was renamed Zurich Insurance Company in 1955. Expansion into other countries continued, as did expansion in Switzerland: in 1965 Zurich acquired a majority stake in Alpina.

In 1970 Zurich incorporated fire insurance and its related business classes into its Swiss portfolio. In 1976 it built up its international division in order to systematically work the multinationals segment.

In 1982 Zurich acquired Altstadt-Versicherungs-Aktiengesellschaft in Switzerland.

In 1989 the Zurich Group published its first consolidated financial statements.

Zurich acquired the Geneva Insurance Group in 1991. In 1993 Vita Lebensversicherungs-AG was renamed Zurich Life. And in 1996 the Swiss businesses were finally unified under a single management structure in the newly created Zurich Switzerland business area. In 1997 Zurich acquired a majority holding in Orion Legal Expenses Insurance Company in Basel.

In 1994 Zurich pioneered a new direct marketing concept in Switzerland - Zuritel was established as a phone and Internet direct sales insurance brand.

In 1998 the Zurich Financial Services Group was born out of Zurich’s merger with the financial services business of B.A.T. In 2000 a single share was introduced which is now traded on the Zurich and London exchanges.

In 2002 falling share prices on the markets meant Zurich was presented with a new challenge. It successfully handled the situation by clearly focusing on the core insurance business and adhering to a strict program to improve profitability in a sustainable way..

In 2004 Alpina Insurance Company Ltd merged with Zurich. The merger dovetailed with the Group strategy of having an efficient and highly productive presence in all areas of the market.

In 2006 Geneva Life Insurance Company was merged with Zurich Life Insurance and Zurich Insurance Company. The aim was to have an efficient and productive company serve customers in all insurance lines under one brand.

After more than 13 years, a new chapter in Zurich’s direct insurance success story is being written. Zuritel, Zurich’s direct insurer in Switzerland and the clear market leader in the direct business, was renamed Zurich Connect in mid-2007. The name change was part of a pan-European marketing concept aimed at a sustainable reinforcement of market leadership in the direct business.