Zurich Financial Services Group announced that it has sold Turegum Insurance Company to Harper Holding Sarl, a subsidiary of Castlewood Holdings Limited. The transaction was closed effective as of July 1, 2004.
“Under the terms of the agreement Zurich has provided Turegum with a defined level of protection against future adverse loss developments in the Turegum book of business.,” said the announcement.
It also noted that “Turegum’s main business was reinsurance conducted out of the London branch. From 1962 to 1992 it had been an active underwriter in the London market. In 1992 the branch ceased to write new business and it was subsequently placed in run-off. The transaction allows Zurich to reduce asbestos and environmental net reserves.”
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