Swiss Re
Swiss Re Ltd is a leading global provider of reinsurance, insurance, and other forms of insurance-based risk transfer, founded in 1863 and headquartered in Zurich, Switzerland. The company operates worldwide, working to make the world more resilient by helping clients anticipate and manage risk.
Company facts
- Founded
- 1863
- Headquarters
- Switzerland
- CEO
- Andreas Berger
About
Swiss Re's journey began in 1863 in Zurich, Switzerland, born out of a necessity highlighted by the devastating fire in Glarus in 1861. This event exposed the inadequacy of existing insurance coverage and spurred the demand for more robust reinsurance solutions to protect against catastrophic losses, much like the Hamburg fire of 1842 had done for Germany. Thus, Swiss Re was established as the first Swiss reinsurance company, quickly embarking on an international path to spread risks effectively. In its early days, business was conducted from its Zurich headquarters and through frequent international travel by its representatives. The turn of the 20th century saw the formation of subsidiaries, starting with the United States market, solidifying its global presence. Throughout its long history, Swiss Re has been a pivotal player in reinsuring some of the most significant global catastrophes, including the San Francisco Earthquake of 1906, the sinking of the Titanic, the September 11th attacks on the World Trade Center, and Hurricane Katrina in 2005. Over more than 160 years, Swiss Re has consistently stood for reinsurance, reinvention, and resilience, evolving alongside the changing risk landscape. The company has not only provided capital relief and protection from large losses for direct insurers but has also been at the forefront of developing new risk solutions. It played a leading role in advancing non-proportional reinsurance, which aims at capping large exposures, a crucial development for covering large natural catastrophes. Recognizing the growing societal and political concern over climate issues, and given its significant exposure to weather-related risks, Swiss Re has taken an active role in the global climate debate and the development of insurance-linked securities since the early 1990s. The company's growth has also been marked by strategic acquisitions, such as GE Insurance Solutions in 2006, which at the time made it the world's largest reinsurer, and Fathom in 2023 to enhance its flood risk intelligence. Today, Swiss Re operates through a vast network of around 70-80 offices globally, employing over 14,000 people, and continues its mission to make the world more resilient by anticipating and managing risk.