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Zurich Financial Services AG

Zurich Financial Services AG

Industry: 
Insurance
Value of USG Contracts: 
14
Symbol: 
SIX:ZURN
States: 
IL
KS
NY
WA
Country: 
Switzerland
Sources: 

"Zurich Insurance Group AG (ZURN) is among companies being questioned by New York’s insurance regulator in a widening probe into compliance with an Iran sanctions law, according to a person familiar with the matter. The state Department of Financial Services is asking insurers to explain their policies and procedures to avoid violations of the Iran Freedom and Counter-Proliferation Act of 2012, according to the person. The act took effect July 1. ‘The resulting sanctions could jeopardize the ability of any involved insurer to conduct business in the United States,’ the department said in a letter to the insurers obtained by Bloomberg News. ‘Recently, the Department learned that several companies have insured trades made with Iran.’ The regulator, led by Superintendent Benjamin Lawsky, contacted a group of insurers in June about compliance with the law. That group included Swiss Reinsurance Co. (SREN) and Lloyd’s of London. Besides Zurich, other companies contacted in the newest letter are American International Overseas Ltd., AXA Global Risks, and St. Paul Reinsurance Co. Ltd." (Bloomberg, "Zurich Among Insurers Said to Be Probed in Expanded N.Y. Inquiry," 7/24/13)

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Zurich Financial Services is an insurance-based financial services provider based in Switzerland, operating in over 170 countries (Company Website). 

Zurich Financial Services lists Iran in its Global Directory (Company Website), and is included in Business Monitor International's Iran Insurance Report (Business Monitor International, subscription required). 

Zurich Financial Services's corporate responsibility policy states that the company "proactively addresses social, environmental and governance issues of rightful concern to our stakeholders" (Company Website).