View this article online: https://www.insurancejournal.com/news/international/2006/12/19/75154.htm
Zurich Financial Services Group announced the signing of an agreement to purchase all of the remaining shares in the insurance intermediary Endsleigh Limited. Zurich acquired a 45 percent stake in 2002, and said it “will now buy the rest of the shares held by the management team as well as the shareholdings of the National Union of Students (NUS). Students are a large customer group of Endsleigh.”
Zurich said the move fits with its “strategy to strengthen and refine distribution capabilities,” and will improve its “access to this young customer base, generating for Zurich new opportunities for profitable growth in the personal line segment. The NUS represent 5.3 million students. In recognition of the strategic importance of this market to Endsleigh, NUS will retain two seats on the board.”
Dieter Wemmer, CEO of Europe General Insurance, commented: “The acquisition of Endsleigh underpins our goal to become a leading pan-European insurer, delivering solutions to our customers in the way they wish to be served.”
Guy Munnoch, Zurich’s UK General Insurance CEO designate, added: “With a business turnover of £60 million [$117.6 million], Endsleigh has exceeded its goals in the past and we expect it to generate excellent results in the future. The acquisition of Endsleigh supports Zurich’s multi-distribution strategy and we are excited about the opportunities for profitable growth that this deal offers. It also demonstrates Zurich’s commitment to and strong belief in the long-term future of the intermediary channel in the UK.”
Zurich also indicated that it “intends to retain the current management team and the strong market brand of Endsleigh. Endsleigh will continue to operate as an independent intermediary, placing business in the best interests of its customers with a panel of leading insurers, including Zurich. The transaction is expected to close in January.
Source: Zurich