Swiss Re AG has set up a task force to see how the tariffs installed by the United States against Switzerland and other countries is impacting the Zurich-based reinsurer.
“For instance, are the costs for losses going up because repairs are being more expensive in the future et cetera- these things we monitor very closely,” Berger said in a Bloomberg TV interview on Thursday. “What we do is apply strategic patience,” he said.
Swiss Re reported half-year results on Thursday beating expectations of analysts. The reinsurer’s property and casualty division helped to boost the results.
Photograph: A logo sits on a sign outside Swiss Re AG’s headquarters in Zurich, Switzerland, on Tuesday, March 18, 2014. Photo credit: Philipp Schmidli/Bloomberg
“This time, rather than investing the time and resources to build a U.S. presence, Howden hatched an unlawful scheme to poach Marsh’s employees, clients, confidential information, and goodwill,” Marsh said in the lawsuit. “Beginning March 2025, defendants quietly and surreptitiously laid the groundwork to l
ift out the entire Florida Zone.”
According to the lawsuit, the resignations began to flow in on July 21. By the end of the day, 90 had resigned, including “the vast majority of the employees in Marsh’s Florida zone, who resigned en masse.”
“In some groups, every single employee resigned,” Marsh alleged, adding many Marsh employees received job offers from Howden without applying or interviewing. “The only way Howden could have executed on a raid like this was with defendants active participation—sharing Marsh’s confidential information to Howden and directly or indirectly soliciting them.”
Howden in its announcement of Parrish said it already had “substantial operations” in the U.S., operating for more than 10 years through managing general agency Dual. More than a quarter of Howden’s revenue comes from the U.S., it said.
The case Marsh USA LLC v Michael Parrish, Giselle Lugones, Robert Lynn, and Julie Layton, U.S. District Court, Southern District of New York, No. 25-cv-6208
Howden on Monday also named Jim Hays as vice chairman of Howden Group Holdings. Hays was previously CEO of Hays Company, an insurance broker he founded in 1994 and sold to Brown & Brown in 2018. He then served as vice chair and was a member of the board at Brown & Brown.