Harold James, Peter Borscheid, David Gugerli, and Tobias Straumann
- Published in print:
- 2013
- Published Online:
- April 2014
- ISBN:
- 9780199689804
- eISBN:
- 9780191769450
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199689804.003.0013
- Subject:
- Business and Management, Business History, Innovation
Swiss insurers in the 1860s were forced to share risks they could not cover themselves with their competitors. As this was not possible without sharing substantial information about clients and ...
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Swiss insurers in the 1860s were forced to share risks they could not cover themselves with their competitors. As this was not possible without sharing substantial information about clients and business they often sought reinsurance capacity with insurers outside the country. Moritz Grossmann from Helvetia Insurance thus proposed the creation of a Swiss reinsurer mainly in order to prevent capital outflow. He also saw ample opportunity for acquiring insured risks from the thriving economy of Switzerland and its export industry. Also, German states were setting up reinsurers and it was felt that Switzerland should be prepared to be self-sufficient in this respect. The company was eventually founded in December 1863 with capital from the leading bank Credit Suisse and some insurance companies.Less
Swiss insurers in the 1860s were forced to share risks they could not cover themselves with their competitors. As this was not possible without sharing substantial information about clients and business they often sought reinsurance capacity with insurers outside the country. Moritz Grossmann from Helvetia Insurance thus proposed the creation of a Swiss reinsurer mainly in order to prevent capital outflow. He also saw ample opportunity for acquiring insured risks from the thriving economy of Switzerland and its export industry. Also, German states were setting up reinsurers and it was felt that Switzerland should be prepared to be self-sufficient in this respect. The company was eventually founded in December 1863 with capital from the leading bank Credit Suisse and some insurance companies.
