Zurich American Life Insurance Company (ZALICO) Highlights
Important Distinction:Zurich American Life Insurance Company (ZALICO) is a specific life insurance subsidiary of the Zurich Insurance Group. It is distinct from:
- Zurich American Insurance Company: The massive Property & Casualty (P&C) commercial insurer.
- Farmers Insurance: Which is managed by Zurich but owned by policyholders.
- Old "Zurich Life" Policies: If you have a term life policy from the 1990s or early 2000s branded "Zurich Life," it was likely sold to Bank One (Chase) in 2003 and is now administered by Protective Life.
Corporate Owner & Structure
- Owner: Zurich Insurance Group (Publicly traded on the SIX Swiss Exchange: ZURN).
- Immediate Parent: Zurich American Corporation.
- Focus: Today, ZALICO primarily focuses on "Private Placement Life Insurance" (PPLI) for high-net-worth individuals and corporate/group accident markets, rather than retail term life for the average consumer.
Early History & The "Kemper" Connection (1947–2000)
- 1947: The company is incorporated, originally operating under the Kemper brand umbrella.
- 1980s–1990s: The company operates as Kemper Investors Life Insurance Company (KILICO).
- Core Business: It specialized in variable annuities and variable life insurance sold through stockbrokers.
- 1996: Zurich Insurance Group acquires Kemper Corporation for approximately $2 billion.
- Strategy: Zurich wanted a stronger foothold in the U.S. market. This acquisition brought Kemper Investors Life into the Zurich family.
Mergers, Divestitures & Rebranding (2001–Present)
2003: The "Split" (Selling Retail Life)
- 2003 (September): Zurich sells its "Zurich Life" U.S. retail life insurance unit (including Federal Kemper Life Assurance) to Bank One (which was later acquired by JP Morgan Chase).
- Crucial Detail: Zurich KEPT Kemper Investors Life. While they sold the standard term/whole life business to Bank One (which later sold it to Protective Life in 2006), they retained the "Kemper Investors" variable annuity/life block.
2010: The Name Change
- 2010 (September): Kemper Investors Life Insurance Company (KILICO) officially changes its name to Zurich American Life Insurance Company (ZALICO).
- Impact: Policyholders with old "Kemper Investors" or "Destinations" annuities saw the name change on their statements, but the underlying contracts remained the same.
2020: The Aflac Deal (Group Benefits)
- 2020 (March): Aflac acquires Zurich’s U.S. Group Benefits business (Group Life, Disability, and Absence Management).
- Impact: If you had a Zurich-branded life insurance policy through your employer, administration of that policy likely transferred to Aflac.
2021: Divestiture to Prudential
- 2021: Zurich enters an agreement with Prudential Financial to reinsure a substantial portion of its legacy U.S. in-force annuity book.
- Goal: To reduce risk and free up capital, continuing Zurich's strategy of moving away from asset-heavy legacy products.
Contact & Home Office Information
- Home Office Address:1299 Zurich WaySchaumburg, IL 60196
- Phone (Variable Annuities/Life - "Destinations"): 1-800-449-0523
- Phone (General Customer Service): 1-877-301-5376
- Website: www.zurichamericanlifeinsurance.com
Sources of Information
- Zurich Insurance Group Annual Reports: Details on the 1996 Kemper acquisition and 2003 Bank One divestiture.
- SEC Filings (EDGAR): 2010 filings confirming the legal name change from Kemper Investors Life to Zurich American Life.
- Aflac Investor Relations: Press releases regarding the 2020 acquisition of Zurich’s U.S. Group Benefits platform.
- Protective Life History: Confirmation of their acquisition of the former "Zurich Life" block from Chase.
