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Member, Beacon International Group, Ltd.
2008 NET INCOME: $3 billion
EMPLOYEES: 60,000
Global capability, combined with a local focus and an understanding of individual risks, makes Zurich Financial Services Group a very capable property insurer, said Mike Foley, chief executive officer in Schaumburg, Ill., for Zurich's North America commercial unit.
Selected as the best overall commercial property insurer in the Business Insurance 2009 Readers Choice Awards, Mr. Foley said he suspects the recognition comes from Zurich's many years of work to increase its response to customer needs.
Being a global institution also helps, he said. Zurich has offices in 50 countries and delivers its products and services in 170 countries.
Zurich can provide coverage for complex, highly protected risks; participate in a large, layered property programs; or insure middle-market risks, including those at the lower end of the middle market.
About a year ago, Zurich unveiled its Property Portfolio Protection program for middle-market accounts with premiums between $15 million and $400 million, Mr. Foley said. P3 coverage aims to eliminate buyer worries about policy specifics by eliminating exclusions, adding coverage based on policyholder input, and allowing flexible terms, he said.
“That lets us be pretty flexible in designing what they need in terms of exposure and limits to help them manage their risks as efficiently and effectively as possible,” Mr. Foley said.
Zurich also insures large companies. “We insure the majority of Fortune 100 companies in some capacity,” Mr. Foley said.
While Zurich is an admired property insurer, it provides a full range of other coverages and has strengthened its ability to do so by working to understand each industry's needs, Mr. Foley said.
“That allows us to build deep, strong relations with our clients that are often across multiple lines of business,” he said.