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International Insurance Programs - Legal Frictions and Solutions

August 2009
InsuranceInsurance

Abstract

Risk transfer from multinational corporations to global insurance underwriters, together with associated servicing needs, are sometimes in discord with long standing regulatory insurance rules and tax requirements. Yet the Globalisation of markets requires underwriters to insure exposures worldwide. This article outlines a few of the legal challenges global insurance programs are faced with and touches upon some traditional and some new solutions generally applicable in the different countries where such business is produced. As such, this article is not an analysis under UK law but looks at some of the issues associated with program business by reference to a number of different jurisdictions.

Author

Portrait image of Martin Strnad
Martin Strnad
Head Legal Global Corporate, Zurich Insurance Company, Switzerland

Part of Zurich's General Insurance business, Zurich Global Corporate was created in 2004 to meet the insurance and risk management needs of large corporations and multinational companies. Today, a team of more than 3,500 employees serves over 25,000 customers, delivering support in 210 countries and territories around the world. Global Corporate insures 86% of Fortune’s Global 100 companies, is number one in Europe and the number two corporate business insurer worldwide. In 2014, Global Corporate reported Gross Written Premiums of USD 9.4 billion and delivered a Business Operating Profit of USD 767 million.

Company

Zurich Insurance Company logo

Zurich Insurance Company

Martin Strnad is heading up the legal team supporting Zurich Insurance Group’s Global Corporate Business. His team's responsibility includes setting globally applicable governance rules, and providing general legal support for corporate and industrial insurance business globally, with a focus on international regulatory and contract legal matters. Martin and his team provide legal support for the structuring of corporate customers’ risk management and insurance solutions, including global insurance programs and captive business. Prior to his present function, in 2003, he served as a legal counsel to Zurich Insurance Group’s subsidiary, Farmers Group, Inc. Los Angeles, on corporate law matters, including E-Commerce & IT law, US insurance regulation, corporate governance, mergers & acquisitions, employment law and life-insurance marketing contracts. Before that, in 2002, he worked as a legal counsel in the legal department of Centre Group LLC, New York, advising on international reinsurance and captive business matters, securities linked insurance deals and similar type of transactions. He joined Zurich Insurance Company Ltd. in 1999 in the Swiss domestic legal department. Prior to his professional career at Zurich he worked in private practice as an associate for two years. Martin holds a law degree from the Basle University and a certificate from the New York University in Fundamentals of US Business Law. He is admitted to practice as a Swiss attorney at law.

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