Corporate History 1863 - 1870

 

Corporate History 1863 1864 1865 1869

 

1863 Glarus after fire
  		Like the fire of Hamburg in 1842, which had led to the foundation of the first professional reinsurers in Germany, the great fire of Glarus in 1861 also showed that insurance coverage is totally inadequate in Switzerland in the event of a catastrophe. To provide more effective means of coping with the risks posed by such devastation, the Helvetia General Insurance Company in St. Gall, the Schweizerische Kreditanstalt (Credit Suisse) in Zurich and the Basler Handelsbank in Basle founded the Swiss Reinsurance Company in Zurich.
 

  		On 10/11 May 1861, more than 500 houses go up in flames in the town of Glarus. Two thirds of the town sinks into rubble and ashes; around 3000 inhabitants are made homeless.
 
 
Foundation Charter 
  The company’s articles of association are approved by the government of the Canton of Zurich on 19 December 1863. The foundation capital, which is 15% paid up, amounts to 6 million Swiss francs. The official foundation document bears the signature of the poet Gottfried Keller, who at the time was first secretary of the Canton of Zurich.
 

1864 First domicile: Schoffelgasse 1

  
 
The infant company’s first domicile is a two-room apartment on the first floor of Schoffelgasse 1 in Zurich.
 
 
 

France, Switzerland, Italy and Belgium found the Latin Monetary Union on 23 December 1864 in Paris. This is the first attempt to establish a world monetary system.
 
   
 
Foreign companies are also interested in business relations with Swiss Re. Treaties with insurance companies in Germany, Italy, France, Austria, England, Belgium and Russia are concluded.
 
 
Treaty business is not long in arriving. The first Marine reinsurance treaty is concluded with the Helvetia General in St. Gall on 1 January 1864. The first Fire reinsurance treaty is dated 1 May 1864; the treaty partner is the Helvetia Fire, St. Gall.
 
First reinsurance treaty
 

1865 The hiring of the ninth member of staff prompts the decision to move to larger premises. Swiss Re finds new office accommodation in the house named 'Zum Engelhof' at Stadelhoferplatz 12 in Zurich. Employees’ salaries of 60 to 100 Swiss francs per month are no rarity. There are not yet any Swiss banknotes or gold coins in circulation; salaries are paid in silver, nickel and copper.
 
  Life reinsurance business is taken up when the first treaty is signed with the Basle Life on 1 June 1865.
 

1869 Extensive fire damage has been hard on the company in its first few years of business. To cover the losses, the General Meeting of 14 May 1869 resolves to reduce the share capital from 6 to 4.5 million Swiss francs. Thanks to gratifying business results, Swiss Re is able to consolidate its position in the years that follow.
 

On 17 November 1869, the Suez Canal is ceremoniously opened after ten years of construction. The new canal links the Mediterranean with the Red Sea and saves the long journey around the Cape of Good Hope at the southern tip of Africa on the sea voyage between Europe and Asia or Australia.
                           

 

Corporate History 1863 1864 1865 1869

 

Back to Top