Zurich will continue to underwrite downstream energy business after deciding it would reduce its operation in the area less than a year ago.
Over the past 12 months Zurich has downsized its operation in the area and put much of its business into run-off. This new change in policy comes after the hire of Rob Kuchinski who brought a lot of downstream energy experience to Zurich’s new property segment that incorporates energy.
Zurich pulled out of writing parts of its portfolio in December 2015 before exiting the remaining class in Europe, the Middle East and Africa. Zurich was previously a leader in downstream energy and for much of 2016 it reduced its operation to the US and Singapore. Ratings pressure has affected the sector recently with major losses hitting the market in January.
Kuchinski joined as global head of property as part of a new tripartite structure within Zurich's commercial business. Further to property, Kuchinski’s portfolio includes upstream energy, construction, engineering and energy liability.