Corporate History 2001 - 2005
| previous 1996 - 2000 |
| 2001 |
At the beginning of 2001, Swiss Re establishes three business groups: Life&Health, Property&Casualty, Financial Services. Central resources are managed by the Corporate Centre.
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The Munich subsidiary, Bayerische Rückversicherung AG, is integrated into its parent company, Swiss Re, following the restructuring. The company becomes Swiss Re Germany. |
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Management of Europe Division is transferred to Munich; the German, Austrian, Scandinavian and East European markets will be managed from there in the future. Likewise, the company's strategic regional market focus leads to the Latin American and Asian markets being managed from Armonk, Mexico City and Hong Kong respectively. |
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Since April 2001, Swiss Re introduces a new presentation for its employment vacancies. The former 'animated logos' campaign is superseded after more than six years. The picture appearing on all the employment advertisements features a Swiss Re employee and a reference to his personal risk threshold. |
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The 'take a stake' campaign, launched at the beginning of 2001, encourages employees to buy Swiss Re shares in the context of the Employee Participation Plan. |
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The terrorist attack on 11 September, chalked up the biggest economic loss in 2001.The insured property and business interruption losses alone caused by the terrorist attack of 11 September are put at USD 19 billion. |
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Swiss Re completes the acquisition of the reinsurer Lincoln Re, headquartered in Fort Wayne, Indiana, US, for USD 2 billion. At the Extraordinary General Meeting on 27 September 2001, a capital increase of 4006 million Swiss francs had been approved. On 31 December 2001, the nominal share capital of the company amounts to 32 million Swiss francs. Back to Top |
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2002 |
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On 1 January 2002, Europe´s single currency, the Euro, is introduced in 12 EU member states. Approximately 14.2 billion notes (seven different denominations) and 50 billion coins are brought into circulation. As a result, Switzerland is completely surrounded by 'Euro' Europe. |
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Quality water supplies are an endangered resource in the world today. Swiss government and Swiss Re discuss with experts on a conference about sustainable water management in the Centre of Global Dialogue in Rüschlikon. |
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Expo 02 takes place from 15 May-20 October 2002. The Swiss National Exhibition 2002 features five 'arteplages' in Biel, Murten, Neuchâtel and Yverdon. The 'sWISH' pavillon (SwissRe and IBM) in Biel spirites the visitors off to a magical wish landscape and invites them to think about their own personal wishes. |
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Swiss Re's interactive information service CatNet is presented with the 'Special Achievement in GIS' award. The award particularly recognizes the innovative structure of the Hazard Atlas. |
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| 2003 |
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In January, John R. Coomber takes the position of CEO from Walter B. Kielholz, who is elected a member of the Board of Directors of Credit Suisse. |
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SARS is first reported in Asia in February 2003. Over the next few months, the illness spreads to more than two dozen countries in North America, South America, Europe, and Asia before the global outbreak of 2003 is contained. 8098 people world-wide become sick with SARS; of these, 774 die. |
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Swiss Re sells its remaining shareholding in PartnerRe (about 16% of PartnerRe's shares). |
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At the 139th Annual General Meeting, shareholders accept the reduction of the dividend from 2.50 to 1.00 Swiss franc per share. |
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On 2 August 2003, a state of emergency is declared in all of British Columbia. Most of the forest fires in British Columbia are sparked by lightning, but several of them are caused by people. Strong winds and dry, hot weather favore their further dissemination.The British Columbia fires represent the largest fire loss in Canadian insurance history; the fires can not be kept under control until 14 September 2003. |
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In August, Swiss Re completes Gerling NCM transaction. Gerling NCM is established as an independent company, and the new shareholders agree on Atradius as Gerling NCM's new name. |
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On 18 September 2003, a full national reinsurance branch licence for China is granted to Swiss Re by the China Insurance Regulatory Commission. CEO John R. Coomber officially opened the company's China branch on 19 December. |
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For the third time in the seven years since the ceremony was launched, Swiss Re wins the Asian 'Reinsurance Company of the Year' award. |
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Swiss Re initiates a ten-year program combining internal emissions reduction measures with an investment in the World Bank Community Development Carbon Fund. With this initiative, Swiss Re will be the largest global financial services company to set itself the goal to become greenhouse neutral. |
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To enhance economic and intellectual knowledge-sharing, San Francisco and Zurich are coming together to forge a non-profit organiation called the San Francisco-Zurich Initiative (SFZH Initiative). |
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Swiss Re successfully sponsores its first ever insurance-linked security relating to Life insurance risk and obtains USD 400 million of coverage from institutional investors. |
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On 19 December 2003, Swiss Re celebrates its 140th anniversary. |
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| 2004 |
In April, 'The Great Warming', a global TV project, is first broadcasted in Canada. The climate change documentary sponsored by Swiss Re, will later be aired in other countries to raise awareness on sustainability, especially in America and Asia. |
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Swiss Re's Admin Re completes the acquisition of CNA's life insurance business. |
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On 1 May 2004, ten new countries joined the 15 existing European Union states. These new member states are: Cyprus, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, Slovenia. |
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On 19 May, Swiss Re celebrates the official opening of Japan Branch in Tokyo. |
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For its EUR 672 million Mandatory Convertible Security issued in July 2004, Swiss Re receives the 'ifr Structured Equity award' (Donator: International Financing Review). This award, in the category “European Structured Equity Issue”, is the most prestigious of its kind and is said to be the European financial services industry’s equivalent to Hollywood’s Oscars. Additionally, this deal is awarded as 'equity-linked deal of the year' by both 'The Treasurer magazine' and 'Financial News'. |
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The 2004 hurricane season (Charley, Frances, Ivan, Jeanne) caused greater losses in the United States and the Caribbean than any other storm season in history. For the first time since 1886, four hurricanes made landfall in a single US state (Florida). Also Japan was hit by an unequalled number of 10 typhoons (e.g. Songda). The hurricanes led to insured losses totalling USD 20–25 billion, while the insured typhoon losses are estimated at USD 6 billion. |
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The Swiss Re Taiwan Branch is officially opened in Taipei on 29 September 2004, by CEO John R. Coomber and Ms Susan Chang, Vice Chairperson of Financial Supervisory Commission. |
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After an Earthquake in the Indian Ocean (near Sumatra), Tsunamis up to 10 metres high cause widespread flooding and devastation at the coast line of Bangladesh, India, Indonesia, Kenya, Malaysia, Maldive Islands, Mauritius, Myanmar (Burma), Tanzania, Thailand, Reunion, Seychelles, Somalia, Sri Lanka and Sumatra. More than 200'000 people lose their lives in this natural catastrophe. |
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| 2005 |
In June 2005, Swiss Re aligns its management structure to its strategic objectives, replacing its business group organisational structure with three business functions: Products, Client Markets and Financial Services. Central resources are managed by Corporate Functions. |
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From 28 to 30 August, Hurricane Katrina destroys large sections of the coastline in Louisiana, Mississippi and Alabama. New Orleans is hard hit as dams burst and 80% of the city is flooded. |
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In October avian flu is brought to Europe by migrating birds, having been confined to Asia since 2003. Evidence of the virus is initially found in the Ukraine and Turkey. The virus spreads rapidly to other European countries. |
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In November, Swiss Re announces it has agreed to acquire GE Insurance Solutions, the fifth largest reinsurer worldwide, from General Electric Company (GE). |
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| previous 1996 - 2000 |
