Australian insurer QBE has acquired Zurich's Singapore-based subsidiary, Zurich Insurance Singapore, for an undisclosed sum.
Subject to approval from the Monetary Authority of Singapore, the transaction is due for completion by 30 June 2004.
QBE said it plans to use existing surplus funds in Asia to settle the purchase.
In 2003 Zurich Singapore had net written premiums of SG$29m, said QBE.
QBE chief executive Frank O'Halloran said: “This acquisition meets QBE's acquisition criteria and is in accordance with QBE's strategy to grow our business in Asia, particularly in markets such as Singapore where we see the potential for improved results.”
