Business doubles for ZIP with a €220m profit
THE rapidly growing Dublin hub of Swiss insurer Zurich booked operating profits of €220m last year as its business more than doubled in size.
Zurich Insurance plc, dubbed ZIP, was set up as the insurer's 'risk-carrier' for general insurance businesses in the EU.
The IFSC-based division was founded in 2005 and recently secured a major boost when Zurich announced plans to move the vast majority of its European general insurance risk carrying to ZIP.
The start of the ramp-up is evident in the 2009 figures, which show ZIP's gross written premium grew by €2.48bn to €4.56bn, while operating profit rose from €154m to €220m, largely reflecting the transfer of business from the UK.
ZIP is predicting annual revenues of €11bn once all the business earmarked for the Dublin hub has been transferred over.
"Despite a competitive market environment, particularly in Western Europe, Zurich's ZIP business was able to maintain strong levels of business performance," said ZIP boss Markus Hongler.
"We are confident that our streamlined European structure will help to support our business for any market conditions."
Once all the business has been transferred over, ZIP will serve 14 territories including Ireland, Germany, the UK, the Netherlands, Portugal, Spain and Sweden.