Zurich disposes of UK subsidiary
Zurich has announced that one of its non-core subsidiaries in the UK, Zurich Specialties London, will transfer its run off insurance business to Swiss Re at book value.
The group added the transaction forms an integral part of Zurich's announced strategy to divest most of its non-core businesses to release and redeploy $1.5bn of capital.
Zurich said it expected that the transaction will allow repatriation over time of regulatory capital from Zurich Specialties London to its parent of approximately $360m.
The business is predominantly comprised of US and UK broker placed commercial casualty policies written on both a direct and assumed basis.
Zurich Specialties London has not underwritten new policies since 2005.
Zurich and Swiss Re have signed a reinsurance agreement which transfers the benefits and risks of this portfolio as of 1 April 2011 from Zurich to Swiss Re until the transfer is completed. Zurich will transfer approximately $950m in gross assets and liabilities to Swiss Re.
The completion of this transaction is subject to certain conditions including regulatory review and court approval.
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