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Daily Insurance Industry News
Tuesday 16th of January 2018
June 15, 2011

Swiss Re acquires Zurich Specialties London

by Gill Montia

Story link: Swiss Re acquires Zurich Specialties London

Swiss Re acquires Zurich Specialties London

Zurich is selling UK subsidiary, Zurich Specialties London (ZSL), to Swiss Re.

ZSL has been in run-off since 2005 and the business to be transferred predominantly comprises US and UK broker-placed commercial casualty policies.

The transaction, which is at book value, should release $1.5 billion of capital for redeployment by Zurich and allow repatriation over time of $360 of regulatory capital to the parent company.

Zurich and Swiss Re have signed a reinsurance agreement which transfers the benefits and risks of the portfolio as of 1st April 2011 from Zurich to Swiss Re, until the acquisition is completed.

ZSL customers will not be materially affected by the change and their terms and conditions will continue to apply.

In other Zurich news, the group has this week extended outsourcing agreements with Capita covering its life business, and around 400 of the insurers employees will transfer to Capita as a result.

 

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