Zurich Plunges After Warning of Loss in General Insurance
- Company faces $275 million in losses from UK, Ireland storms
- Zurich to book $475 million in charges as restructures unit
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Zurich Insurance Group AG fell to the lowest in more than three years after Switzerland’s biggest insurer put shareholders on notice that it expects a second straight quarterly loss in its non-life business.
Operating losses in the general insurance unit will probably amount to about $100 million for the last three months of 2015, the company said in a statement Wednesday. That reflects an estimated $275 million in claims from three storms that flooded thousands of homes in northern England, Scotland and Ireland in December.