Zurich North America to Bolster Underwriting Team
Zurich North America announced on Tuesday its strategic initiative to expand its U.S. middle-market operations by adding over 100 new underwriting positions. This expansion aims to extend their reach across various regions, including the South, West, Midwest, and East, according to a statement from the Schaumburg, Illinois-based insurer.
Meeting Businesses Where They Are
Alex Wells, the head of U.S. middle market for Zurich North America, emphasized the importance of this expansion by stating, “Middle-market businesses are a growing force in the U.S. economy, and they aren’t concentrated in just a handful of the largest cities. We want to meet these businesses and their brokers where they are.“
Growth Trajectory
Since its establishment as an independent business unit in 2020, Zurich’s U.S. middle-market sector has experienced double-digit growth. The business unit offers a range of services, including property/casualty, financial lines, and specialty coverages, tailored to midsize enterprises in construction, technology, manufacturing, life sciences, as well as financial and professional services sectors.
Leadership and Support Enhancements
In line with this growth, Zurich announced the appointment of Lisa Diers as the new head of onboarding and development for the middle market. Ms. Diers previously held the position of head of underwriting quality and compliance for the middle-market division. Additionally, Zurich Resilience Solutions will be recruiting risk engineers to further support middle-market businesses.
Future Objectives
In December, Zurich Insurance Group articulated its commitment to expanding its reach in the middle-market and specialty coverages. During an investor day presentation last November, Zurich outlined its ambitious goal to expand its middle-market business to exceed $10 billion over the next three years, up from its current $7.5 billion, while increasing its operating profit from $3.6 billion to $4.2 billion.
