About Zurich in South Africa


	Zurich in South Africa is a short-term insurance company headquartered in Johannesburg and listed on the Johannesburg Stock Exchange. Founded in 1965 as SA Eagle, Zurich offers insurance products and services that respond to the needs of individual, commercial and corporate customers. It has a network of 11 sales areas and a series of service outlets across the country, and employs approximately 1,000 people. In addition, Zurich has subsidiaries locally as well as in Botswana and Zimbabwe. History The South African arm of the Zurich Group can be traced back to the 1800s, but the Company as we know it began to take shape in 1917 when Eagle Star came into existence. In 1965 Eagle Star merged with African Guarantee & Indemnity (founded in 1911 by IW Schlesinger) and SA Fire & Accident (founded in 1932 by a group of Johannesburg businessmen) to form SA Eagle.

In 1968, the Company made its debut on the Johannesburg Stock Exchange with an oversubscription of 32 times – a record in those days. At inception, the Company traded as a composite insurer but sold its life fund in 1972. At the end of July 2007, SA Eagle underwent a name-change and began operating as part of the global Zurich brand. Currently, the major shareholder with 73.6 percent of the equity is Zurich Financial Services. A BEE transaction, which addresses issues of ownership and equity within the industry, saw Royal Bafokeng Finance (Pty) Ltd purchase a 10% stake in the Company. The remaining 16.4% is held by a number of minority shareholders. Our Business and Products Zurich operates in the domestic, commercial and corporate markets, transacting all classes of short-term insurance. The Company markets its products almost exclusively through brokers and agents. Specialist products include marine, engineering and aviation insurance. In addition, the Company has several innovative tailored products: risk financing with cell captive facilities through its wholly owned subsidiary, Zurich Risk Financing SA; and a personal legal expenses insurance product, the Zurich Legal Plan, through a joint venture company, Zurich Legal Expenses Underwriting Managers SA. Escape, another wholly owned subsidiary, is an electronic collection and payment system. The Company also operates a toll-free helpline, Zurich Assist, for emergencies, personal health, legal, tax and investment advice. Auto Assess frees policyholders from the frustrations associated with a minor accident claim. The Company’s business-to-business initiative, called the Internet Monthly Policy, offers brokers and agents a complete policy and claims management system via the Internet. Other products include a policy tailored to the needs of the bed-and-breakfast industry, a solution suited to individuals or collectors of fine art, policies for 4x4 owners, cyclists and bowlers. Zurich is acutely aware of the advantages of computer technology and its effects on work flow, decision-making, cost reduction and productivity. The Company’s computer system, in the form of workflow technology and a business intelligence system, ensures that Zurich is at the forefront of leading-edge information technology solutions. Our Market South Africa is Africa’s largest and most sophisticated short-term insurance market. Insurers operate in an extremely competitive industry, an environment where the issue of corporate governance is highly profiled. The industry climate is also strongly characterised by legislative requirements. Current and upcoming legislation seeks increasingly to empower and protect the customer. Social Investment According to the terms of the Financial Sector Charter, Zurich has undertaken to fund specific projects nominated by Royal Bafokeng Finance in areas such as corporate social investment, enterprise development and empowerment financing. In addition, Zurich supports various initiatives and projects, with strong focus on environmental issues and education.