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Zurich Financial re-enters US life insurance market

Zurich Financial Services is set to commence selling its life insurance products under Zurich brand name for the first time in the US since 2003.

Zurich Global Life in North America will have initially two US market offerings Corporate Life & Pensions (CLP) and Affluent Markets.

CLP products and comprehensive group benefit packages for US corporations with multinational operations and workforces. The products and services will be distributed through its relationship leaders, employee benefit consultants and regional brokers, according to Zurich.

Affluent Markets products will focus on delivering specialized life insurance products that will be used in customized wealth transfer planning and business insurance continuity solutions, including buy-sell agreements and key executive coverage for collateralizing business loans. They will be offered through select brokerage general agencies.

Zurich CEO of Global Life North America David Dietz said these initial target markets will enable Zurich to establish a foundation for a long-term Zurich Global Life presence in the US.

We will be working closely with key broker distribution channels to custom build and tailor Zurich’s initial offerings to meet the demands of their clientele. What’s more, Zurich’s strong global reach offers the type of network and capabilities that will set us apart from other top life insurers in the US market,”

Dietz said.

Universal Underwriters Life Insurance Company is a wholly-owned subsidiary of Zurich and will provide operations and back office support to both the Affluent Markets and CLP offerings.