Zurich sells life assurance arm to Swiss Re

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Zurich Financial Services Group is closing its Zurich Life Assurance arm to new business and selling...

Zurich Financial Services Group is closing its Zurich Life Assurance arm to new business and selling it to reinsurance group Swiss Re for approximately $460m. Zurich Life will not accept new business from 27 August 2003 and, as a result of the sale, Swiss Re will be taking on around 225,000 policies from the group. Daniel Hofmann, head of media and public relations at Zurich, said the reason for the sale is that part of the business has come under margin pressure because of tough market conditions and closing the operation to new business is considered the best option. Hofmann adde...

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