Zurich’s UK general counsel James Butler said the new panel would enable the insurer to achieve “significant cost savings”.
The five successful firms will advise Zurich on UK matters, including corporate, commercial, property and employment work in addition to core insurance law.
However the five will not be advising Zurich on claims-related work, or issues arising outside the UK. The insurer’s 16-strong claims panel and 10-strong global panel, which includes Freshfields Bruckhaus Deringer, Herbert Smith and Lovells, are unaffected.
Butler added that the new panel was chosen for its industry knowledge and expertise as well as cost.