Spain, Italy and Portugal follow UK. Germany to come
Zurich is to make most of its remaining EU general insurance portfolios in Italy, Portugal and Spain local branches of its EU-based risk carrier in Ireland, as it did the UK operation.
The move is effective from 1 January 2010 and a similar transfer is planned for Zurich’s general insurance business in Germany later this year.
In addition, most of the Global Corporate division’s business written in the EU has been progressively transferred to Irish branches since 2005.
Single regulatory environment
Markus Hongler, chief executive officer Western Europe and Zurich Insurance (ZIP), said: “Upon completion of all transfers, ZIP is expected to generate revenues of about €11bn.
“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.”
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