Zurich Financial Services Group has signed an agreement for the purchase of 100 percent of Spain’s ACC Seguros y Reaseguros de Daños, S.A. “The acquisition of ACC, a leading surety writer based in Galapagar (Madrid), will position Zurich as the leading writer of surety insurance in Spain,” said the announcement. “The transaction also reflects the strategy of Zurich’s business division Europe General Insurance (EGI) to further expand its footprint in the European Credit & Surety (C&S) market.”
EGI CEO Dieter Wemmer commented: “The acquisition of ACC marks another step in our pursuit of continued profitable growth and of delivering service excellence in Credit & Surety throughout our chosen markets. With this acquisition, Zurich will become the leading surety insurance company in Spain. Further it will enlarge our already established activities as the 4th largest provider in the C&S field in Europe. Customers in Spain will benefit from Zurich’s underwriting capacity and international surety experience and network.”
Zurich noted that “ACC will become part of the Europe-wide Center of Excellence for the C&S business in Frankfurt (Germany). The Center of Excellence is responsible for all C&S activities within EGI and is headed by Dr. Marita Kraemer. The acquisition of ACC will not only diversify further the existing Spanish surety portfolio but will also lead to the enhancement of the Center of Competence for surety insurance in the Iberian region.
“Family-owned ACC has been in business for almost 20 years with branches in Madrid, Sevilla and Valencia, and has currently an annual premium income of approximately €15 million [$20 million]. The parties have agreed not to disclose the price of the transaction which is expected to close early in 2007 shortly after receipt of Spanish regulatory approvals.”
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