Zurich Financial Services announced plans to cease insurance activities in three Baltic States. It has reached a preliminary agreement for the transfer of its insurance portfolios in Latvia and Lithuania to If P&C, based in Helsinki, Finland, and plans to put its business in Estonia in run-off as of April 1, 2003, when it will cease to write business in all segments.
“The transfer [to If P&C] is subject to approval by the authorities in the respective countries,” said the bulletin. “In addition, Zurich and If P&C Insurance intend to collaborate in these three countries in order to serve international corporate clients. If P&C insurance is the largest property and casualty insurance company in the Nordic region and already has a presence in the Baltic countries.”
“A collaboration between Zurich and If P&C Insurance is an important part of the agreement,” the announcement continued. Plans call for If to service ZFS’ international corporate clients in all three Baltic countries, thereby ensuring continuity of local service in the Baltic countries to ZFS’ international corporate clients.
Axel Lehmann, CEO of ZFS’ Continental Europe Business Division, stated, “This agreement is a further step in the implementation of our strategy to focus on core markets and core activities that maximize the value of our businesses.” In 2002, Zurich’s businesses in the three countries had a gross written premium volume of approximately 6 million Euros ($ 6.37 million).
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