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Daily Insurance Industry News
Thursday 21st of June 2018
June 20, 2011

Zurich acquires Malaysian composite insurer

by Richard Kilner

Story link: Zurich acquires Malaysian composite insurer

Zurich acquires Malaysian composite insurer

Zurich Financial Services Group has announced that its subsidiary Zurich Insurance Company Ltd has agreed to acquire 100% of Malaysian composite insurer Malaysian Assurance Alliance Berhad’s (MAAB) share capital.

The sale is being made by MAA Holdings Berhad (MAAH), with the purchase price denoted in Malaysian Ringgit and worth approximately US$115m.

Following purchase Zurich expects an injection of capital of US$172m into MAAB to satisfy local capital requirements, raising the total cash outlay to roughly US$287m.

Zurich Chief Executive Officer Martin Senn described the acquisition as another milestone in the firm’s strategic approach to emerging markets.

Senn went on to say that Malaysia was a highly attractive market for the firm, enjoying as it does strong economic growth potential and a young and dynamic population.

Recently, Zurich announced it was reducing its stake in New China Life Insurance Co Ltd (NCL) from 20% to 15%, selling the 5% to undisclosed buyers.

 

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