Zurich Financial Services Group announced that it has divested its interest in Thai Zurich Insurance Company to Sri Brothers Co., Ltd. and to Pailuck Co., Ltd.
“This step is in line with Zurich’s strategy to sharpen the focus of the Group’s General Insurance business and redeploy capital to its chosen target markets,” said the bulletin. “The Thai Zurich Insurance Company’s name will change to reflect the change in ownership.”
No terms or conditions of the transaction were disclosed, but Zurich did say that the deal was “signed and closed on the same day.” The bulletin also noted that “Zurich’s global corporate customers (International Program Business) will continue to be serviced locally by Thai Zurich Insurance Company under new ownership.”
Thai Zurich Insurance Company recorded approximately $42 million (THB 1.7 billion) of premiums written for the year ended December 31, 2003 on a local statutory reporting basis.
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