Zurich Insurance reports 7% rise in P&C premiums, beats solvency expectations

Swiss insurer Zurich Insurance on Thursday reported a 7% rise in nine-month property and casualty gross written premiums, helped by higher rates in the firm's retail business.

• Gross written premiums at the property and casualty business rose 7% to $42.1 billion in the first nine months of the year

• Zurich Insurance completed the acquisition of UK-based specialty insurer Beazley on Oct. 1

• "Our diversified business model and disciplined approach allow us to [...] confirm our confidence that we will exceed all our targets," Chief Financial Officer Claudia Cordioli said in a statement

• Zurich Insurance targets a compound annual growth rate of more than 9% and a core return on equity above 23% between 2025 and 2027

• The firm's Swiss solvency test reached 271%, two percentage points higher than analysts' expectations according to a company-provided poll

(Reporting by Aleksandra Kret and Tristan Veyet in Gdansk; Editing by Matt Scuffham)