Zurich continues to streamline the corporate structure of its general insurance business in the EU
Zurich, January 12, 2010 – Zurich Financial Services Group (Zurich) announced the transfer of the vast majority of its general insurance portfolios in Italy, Portugal and Spain to local branches of its EU-based risk carrier Zurich Insurance plc, Ireland, (ZIP) effective January 1, 2010. A similar transfer is planned for Zurich's general insurance business in Germany later this year. The general insurance business in the United Kingdom was transferred to the ZIP UK branch effective January 2009. In addition, most of the Global Corporate division’s business written in the EU has been progressively transferred to ZIP branches since 2005.
The transfers are part of an ongoing Group-wide effort to simplify Zurich's legal structure and consequently achieve greater flexibility in its capital management.
For customers nothing will change. They will continue to receive the same high levels of service and protection regarding the conduct of business, in particular in terms of complaint handling and the ability to seek redress through local legal processes.
Markus Hongler, Chief Executive Officer Western Europe and Zurich Insurance plc, said: "Upon completion of all transfers, ZIP is expected to generate revenues of about EUR 11 billion. For Zurich as a Swiss-based corporation, a single EU-based risk carrier with branches in the EU member states is both capital and operationally efficient. It enables us to take advantage of the EU single market and regulatory environment."
Zurich Financial Services Group (Zurich) is an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe as well as in Asia Pacific, Latin America and other markets. Founded in 1872, the Group is headquartered in Zurich, Switzerland. It employs approximately 60,000 people serving customers in more than 170 countries.
Zurich Insurance public limited company (ZIP) is Zurich's European general insurance risk carrier based in Ireland. It is rated AA-/Negative by Standard & Poor's. It has regulated branches in Belgium, Finland, Denmark, France, Italy, Norway, Portugal, Spain, Sweden, the Netherlands and the United Kingdom as well as conducting business in Ireland. ZIP's operating structure provides an efficient and effective platform through which to execute Europe General Insurance's and Global Corporate's strategies to deliver customized, comprehensive and competitive products, solutions and claims management services to Zurich's personal and commercial customers in those countries in which it is established. ZIP is regulated by the Irish Financial Regulator and is registered in Ireland. Registered office: Zurich House, Ballsbridge Park, Ballsbridge, Dublin 4, Ireland.
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