According to an A.M. Best report, Nationwide Mutual Insurance Co. said it agreed to sell Neckura Holding AG, the parent of its German automobile insurance operations, to Zurich Group Germany, a unit of Switzerland’s Zurich Financial Services Group. Terms were not disclosed.
Neckura, based in Oberursel, Germany, has about $189.5 million in annual premiums, two-thirds of which comes from auto insurance, Nationwide said. The company said it remains committed to Europe, including Germany, but is selling the auto unit as part of its effort to focus overseas operations on retirement and long-term-savings products.
Was this article valuable?
Here are more articles you may enjoy.
Bayer’s Supreme Court Win in Roundup Case No ‘Silver Bullet’ 
More Americans Are Moving Away From Flood Risk Than Toward It 
NAIC Victim of Cyber Incident Via PeopleSoft System 
How Insurers Know When It’s Time to Scale AI 
