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Catastrophes ate into Zurich Financial Services Group’s earnings, as the company reported net income decreased 13 percent from the prior year.

Catastrophes ate into Zurich Financial Services Group’s earnings, as the company reported net income decreased 13 percent from the prior year.

Farmers Group has promoted Jeff Dailey to president and chief operating officer, effective Jan. 1, and also announced that Mr. Dailey will become the group's chief executive officer when current CEO Robert Woudstra retires at the end of 2011.

Zurich Financial Services Group said it is looking to reduce expenses by $500 million in an effort to improve profitability.

Zurich Financial Services Group said its subsidiary, Farmers Group has agreed in principle to a $545 million settlement of a class action lawsuit.

Zurich Financial Services Group said its subsidiary, Farmers Group has agreed in principle to a $545 million settlement of a class action lawsuit that had accused the insurance group of overcharging for fees paid by the Farmers Exchanges.

Zurich Financial Services Group reported first-quarter net income rose 76 percent despite challenges from catastrophe losses and a decline in demand for insurance products due to the economic downturn.

Zurich Financial Services Group reported net income for 2009 rose by 6 percent to $3.2 billion compared with $3 billion in the previous year.