Zurich Financial Services Group (Zurich) and Trident III, L.P., an investment trust, announced that they have signed a definitive stock purchase agreement for Trident to acquire Zurich’s equity stake of approximately 94 percent in ZC Sterling Corporation.
The announcement said that “subject to regulatory approvals, the transaction is expected to close in the third quarter of 2005.” The terms of the transaction were not disclosed.
“The sale of the stake in ZC Sterling represents another step for Zurich to focus on its core insurance operations,” said the announcement. “The insurance relationship between Zurich and ZC Sterling will continue under long-term contracts entered in 2004, with ZC Sterling serving as an underwriting management agent for certain Zurich risk carriers in North America.”
Trident III, L.P. is a global private equity fund with $1.1 billion in capital commitments. It is an investment vehicle put together by Marsh & McLennan (MMC). Together with Trident I and Trident II the funds have capital in excess of $3 billion. Trident II was a lead investor in Axis Specialty. The funds invest in the insurance, benefits and other financial services industries.
“ZC Sterling is a leading provider of business process outsourcing, insurance, consumer marketing and technology services to the mortgage, insurance and homebuilding industries,” said the bulletin. “The company is headquartered in Atlanta, Georgia.
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