Zurich Financial Services Group (Zurich) today announced the expansion of its Global Life business segment in the United States (U.S.) market. This will be the first time since 2003 that life insurance products will be sold under the Zurich brand name in the U.S.
"The decision to further life insurance products and services in the U.S. is viewed as a constructive element of Zurich's global initiative to be the best insurance provider worldwide as measured by our customers, employees and shareholders," said Zurich Global Life CEO Kevin Hogan. "With Zurich being a leading global insurer, and the U.S. being the largest insurance market in the world, this is a logical and natural progression that will balance Zurich's already strong General Insurance business segment presence in the market."
Zurich Global Life in North America will have initially two U.S. market offerings - Corporate Life & Pensions and Affluent Markets.
Corporate Life & Pensions (CLP)
Leveraging Zurich's extensive international expertise, CLP products will be cost-effective and comprehensive group benefit packages for U.S. corporations with multinational operations and workforces. Above and beyond traditional life and disability insurance, additional benefit programs are tailored to meet the specific needs of domestic and international employees through additional services, such as emergency evacuation and repatriation. Alternative funding arrangements, including multinational pooling and captive management programs are also available. CLP products and services will be distributed through Zurich's relationship leaders, employee benefit consultants and regional brokers. For more information please visit: www.zurichna.com/benefitsolutionz.
Offered through select brokerage general agencies, Affluent Markets products will focus on delivering specialized life insurance products that will be used in customized wealth transfer planning and business insurance continuity solutions, including buy-sell agreements and key executive coverage for collateralizing business loans. More information on these solutions can be found at: www.zlifeusa.com.
Zurich CEO of Global Life North America David Dietz will head up the endeavor.
"These initial target markets will enable us to establish a foundation for a long-term Zurich Global Life presence in the U.S.," said Dietz. "We will be working closely with key broker distribution channels to custom build and tailor Zurich's initial offerings to meet the demands of their clientele. What's more, Zurich's strong global reach offers the type of network and capabilities that will set us apart from other top life insurers in t