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.............................. Zurich Financial Services Logo and Trademark..............................

Zurich Financial Services Group is a major financial services group based in Zurich, Switzerland. North America, The US consumer market is served primarily by Farmers Insurance Group the third largest personal lines property & casualty insurance group in America. Founded in 1928, the Farmers Exchanges and their subsidiaries, which are Zurich managed but not Zurich owned, operate in 41 states through a network of 17,000 exclusive agents and 1,100 independent agents. The Chicago-based Zurich North America Commercial is the third largest provider of commercial property-casualty insurance in North America, serving small business, mid-size markets and large corporate customers. In 2005, Zurich North America Commercial produced gross written premiums of USD 12.5 billion. In Europe, Zurich's key markets are the United Kingdom, Germany, Switzerland, Italy and Spain. Zurich's International Businesses division includes operations in Latin America, Asia Pacific and Southern Africa.(The Greater China Market On 1961).

   

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In 2006, Zurich Financial Services settled a $171 million case relating to bid-rigging and price fixing. "Businesses shopping for commercial insurance were deceived into believing they were getting the best deals available," said Abbott. "The whole anti-competitive scheme was an intentional smoke screen by several insurance players to artificially inflate premiums and pay improper commissions to those who brokered the deals." The states included in the settlement were Texas, California, Florida, Hawaii, Maryland, Massachusetts, Oregon, Pennsylvania and West Virginia. Zurich is also required to pay about $122 million in refunds to commercial policyholders in a New Jersey class action lawsuit settlement.

Zurich Financial Services settled a bid-rigging and improper "finite reinsurance" transactions probe. Zurich Financial agreed to pay 153 million in restitution and penalties and agreed to a series of reforms. Zurich apologized and acknowledged that "certain of its employees violated both acceptable business practices and Zurich's own standards of conduct by engaging in improper bidding practices and the ‘finite reinsurance’ transactions described in the Assurance of Discontinuance." The states included in the settlement were New York, Connecticut and Illinois.

In May of 2007, Zurich Capital Markets, a subsidiary of Zurich Financial Services, paid $16.8 million to settle with the United States Securities and Exchange Commission for helping four hedge funds disguise their identities to avoid detection when making frequent trades in mutual fund shares. An SEC director stated, “By knowingly financing their hedge funds clients' deceptive market timing, ZCM reaped substantial fees at the expense of long-term mutual-fund shareholders" 

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