Zurich’s Global Energy group today announced the expansion of its market
capacity for Power Generation business. Effective May 1, 2010, the unit
will increase line size to $250 million from its previous $100 million
capacity for the Power Generation segment of the unit's Onshore Property
line of business. This increased capacity will enable Zurich to respond
to customer needs with innovative and unique solutions.
This is the latest development in Global Energy’s aggressive growth plan
for 2010. The unit previously announced an expansion of Onshore Property
operations in the Western US and Latin America.
“We are seeing an increased need for capacity due to new growth, plant
expansion and new technologies in the utility markets,” said Mario
Vitale, CEO, Global Corporate for Zurich. “With this increase in our
Power Generation capacity, Zurich is well positioned to attain a
leadership role in the market. Combined with the depth and breadth of
specialized energy experience of our underwriters and risk engineers, we
can better address the unique needs of this dynamic energy segment.”
This new capacity will be available globally, through Global Energy’s
network of regional offices in North America, Europe, the Middle East,
Asia Pacific and Latin America.
“As we expand into alternative and renewable markets, particularly in
the areas of wind and solar, this increased capacity will enable our
energy specialists to remain responsive to the changing needs of both
customers and brokers,” said Rick Gibbons, president of Global Energy
for Zurich. "We can respond with the risk transfer options that best
suit each individual risk. This is significant in a market that is
experiencing unprecedented change due to new technologies and a drive to
Zurich’s Global Energy group provides property and casualty risk
solutions for companies involved in the oil and gas, petrochemical,
refining, mining, power generation and utility markets. For more
information about Zurich's Global Energy business, go to http://www.zurichglobalenergy.com.
Zurich in North America is a part of Zurich Financial Services Group
(Zurich), an insurance-based financial services provider with a global
network of subsidiaries and offices in North America and Europe as well
as in Asia Pacific, Latin America and other markets. Founded in 1872,
the Group is headquartered in Zurich, Switzerland and employs
approximately 60,000 people serving customers in more than 170
countries, including more than 9,500 employees in North America.
Zurich was the first overseas insurer to enter the U.S. market in 1912.
According to Highline Data LLC (NAIC 2008), Zurich in North America (www.zurichna.com)
is the second-largest writer of commercial general liability insurance
and the fourth-largest commercial property-casualty insurance company,
serving the global corporate, large corporate, middle market,
specialties and programs sectors. Zurich's risk engineering services in
the United States are provided by Zurich Services Corporation.
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