{"id":708,"date":"2025-08-07T12:36:38","date_gmt":"2025-08-07T12:36:38","guid":{"rendered":"http:\/\/www.atsnorfolk.com\/?p=708"},"modified":"2025-08-07T14:09:23","modified_gmt":"2025-08-07T14:09:23","slug":"zurichs-aggregate-reinsurance-sized-at-400m-top-layer-na-earthquake-swap-expanded","status":"publish","type":"post","link":"http:\/\/www.atsnorfolk.com\/index.php\/2025\/08\/07\/zurichs-aggregate-reinsurance-sized-at-400m-top-layer-na-earthquake-swap-expanded\/","title":{"rendered":"Zurich\u2019s aggregate reinsurance sized at $400m. Top-layer NA earthquake swap expanded"},"content":{"rendered":"

This content is copyright to www.artemis.bm<\/a> and should not appear anywhere else, or an infringement has occurred.<\/p>\n

The new aggregate reinsurance arrangement purchased for 2025 by European headquartered re\/insurer Zurich has been disclosed as a $400 million layer of protection, although with only $350 million placed. In addition, it is now clear the company has extended its top-layer North America earthquake swap protection.
\n<\/span>
\n\"zurich-group-logo\"Earlier this year we reported that Zurich took advantage of market conditions to buy a global aggregate reinsurance cover at the April 1st renewal<\/a>, which the firm\u2019s CFO called \u201cinnovative\u201d and explained that it features alternative capacity from collateralized markets.<\/p>\n

Information was limited at the time of our reporting, just knowing at the time that the aggregate catastrophe reinsurance would attach at $850 million in losses and covers all territories for Zurich.<\/p>\n

Now, the insurer has disclosed that this global aggregate catastrophe treaty spans a $400 million layer above that $850 million retention.<\/p>\n

But with an occurrence deductible in place of $50 million, only $350 million of the $400 million of limit has been placed, the disclosure shows (scroll down for a diagram of the tower).<\/p>\n

As well as this, in our earlier reporting we discussed the fact Zurich\u2019s Group CFO Claudia Cordioli also disclosed that the firm bought an additional $100 million of top-layer cover at the 1\/1 renewals this year.<\/p>\n

Now, thanks to disclosures made around its half-year results today, it becomes clear that this $100 million top-layer addition is within the US property catastrophe tower, a specific extension of Zurich’s North America earthquake swap.<\/p>\n

While there are changes to retention and attachment levels for the European cat tower, this appears due simply to currency fluctuations over previous disclosures.<\/p>\n

But, the latest disclosures also show a $50 million higher attachment point for Zurich’s US regional catastrophe reinsurance treaty, while that has also shrunk by a commensurate $50 million, to now provide $550 million of limit above a $650 million retention, where as earlier this year it was disclosed as $600 million xs $600 million.<\/p>\n

That adjustment to the retention and regional US cat treaty could be in response to having secured the new global catastrophe aggregate protection, with Zurich making a small change to its US regional treaty to account for this additional protection, we suspect.<\/p>\n

You can see Zurich’s latest catastrophe reinsurance program disclosure below, with the increased NA earthquake swap, slightly lower US regional coverage, and new global aggregate catastrophe reinsurance.<\/p>\n

\"zurich-catastrophe-reinsurance-program-2025\"<\/p>\n

Read all of our reinsurance renewal news coverage.<\/a><\/strong><\/p>\n

Zurich’s aggregate reinsurance sized at $400m. Top-layer NA earthquake swap expanded<\/a> was published by: www.Artemis.bm<\/a>
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This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. The new aggregate reinsurance arrangement purchased for 2025 […]<\/p>\n","protected":false},"author":1,"featured_media":477,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-708","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-reinsurance-renewals"],"_links":{"self":[{"href":"http:\/\/www.atsnorfolk.com\/index.php\/wp-json\/wp\/v2\/posts\/708","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.atsnorfolk.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.atsnorfolk.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.atsnorfolk.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.atsnorfolk.com\/index.php\/wp-json\/wp\/v2\/comments?post=708"}],"version-history":[{"count":3,"href":"http:\/\/www.atsnorfolk.com\/index.php\/wp-json\/wp\/v2\/posts\/708\/revisions"}],"predecessor-version":[{"id":712,"href":"http:\/\/www.atsnorfolk.com\/index.php\/wp-json\/wp\/v2\/posts\/708\/revisions\/712"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.atsnorfolk.com\/index.php\/wp-json\/wp\/v2\/media\/477"}],"wp:attachment":[{"href":"http:\/\/www.atsnorfolk.com\/index.php\/wp-json\/wp\/v2\/media?parent=708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.atsnorfolk.com\/index.php\/wp-json\/wp\/v2\/categories?post=708"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.atsnorfolk.com\/index.php\/wp-json\/wp\/v2\/tags?post=708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}