Zurich Financial Services Group announced that it has signed an agreement for the sale of its wholly owned Non-life subsidiary in the Philippines, Zurich General Insurance Philippines, Inc., to Standard Insurance Company, Inc. of Manila.
Zurich also said it “has signed an agreement for the sale of the insurance portfolio of its subsidiary Zurich Life Philippines, Inc. to The Manufacturers Life Insurance Company, Inc.”
The two companies had $16.5 million in gross written premiums in 2002. The terms and conditions of the sales were not disclosed, and both are subject to regulatory approvals.
The bulletin indicated that “based on a mutual cooperation agreement Standard will, upon completion of the transaction, act as a cooperative partner of Zurich to serve Zurich’s International Program Business’ corporate customers in the Philippines.”
The company said “the decision to exit these businesses in the Philippines is in line with Zurich’s strategy, to allocate capital to core markets in order to generate sustained profitable growth.”
Zurich said that it had “begun a communications program,” in cooperation with the buyers, “designed to keep all stakeholders informed. Zurich is confident that both Standard and Manulife will continue to offer an excellent service to customers. No redundancies are expected as a result of these transactions.”
Topics Property Casualty
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