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Zurich Insurance plans to divest South Africa and Morocco units

Switzerland-based Zurich Insurance Group is reportedly planning to sell its insurance operations in South Africa and Morocco.

Zurich

Citing people familiar with the matter, Bloomberg reported that the company is working with financial advisers to divest the insurance units.

Zurich Insurance offers short-term insurance products for corporate, commercial and domestic markets in South Africa.

In August 2015, the company offered around £5.6bn to acquire British insurer RSA Insurance Group.

The company proposed to purchase the entire issued ordinary share capital of RSA for 550p per share in cash.

Zurich Insurance has however withdrawn its plans to buy RSA in September 2015.

In December, Zurich agreed to acquire agricultural insurance provider Rural Community Insurance Services (RCIS) from Wells Fargo & Company, for around $1.05bn.

RCIS includes Rural Community Insurance Agency and its subsidiary Rural Community Insurance Company (RCIC).

Zurich provides a range of general insurance and life insurance products and services to individuals, small businesses, and mid-sized and large firm in around 170 countries.


Image: Zurich intends to divest the insurance units in South Africa and Morocco. Photo: courtesy of Stuart Miles / FreeDigitalPhotos.net.