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Zurich divests its interest in general insurance business in Thailand

Zurich Financial Services Group has divested its interest in Thai Zurich Insurance Company to Sri Brothers Co and to Pailuck Co. This step is in line with Zurich's strategy to sharpen the focus of the group's General Insurance business and redeploy capital to its chosen target markets, the Swiss insurer said.

The Thai Zurich Insurance Company’s name will change to reflect the change in ownership. Terms and conditions of the transaction have not been disclosed.

Zurich’s global corporate customers (International Program Business) will continue to be serviced locally by Thai Zurich Insurance Company under the new ownership.

Thai Zurich Insurance Company recorded approximately $42 million of premiums written for the year ended December 31, 2003 on a local statutory reporting basis.

Zurich Financial Services is an insurance-based financial services provider with a global network that focuses its activities on its key markets in North America and Europe. Zurich has offices in more than 50 countries and employs about 62,000 people.