Swiss Re, founded in 1863, became one of the world’s major professional reinsurers.
The company was established in Zurich after a devastating fire in Glarus, Switzerland, highlighted the need for stronger financial protection against large disasters. Reinsurance allows an insurer to transfer part of its risk to another insurer, helping it absorb unusually large or numerous claims.
Swiss Re expanded internationally and became known for catastrophe, property, casualty, life, and health reinsurance. Its business supports primary insurers that sell policies directly to households, businesses, and institutions.
Swiss Re is sometimes confused with Switzerland’s entire insurance sector or with Zurich Insurance Group, a separate company. It is also distinct from Munich Re, another major reinsurer founded in Germany. The name “Swiss Re” is a shortened form of Schweizerische Rückversicherungs-Gesellschaft.