Zurich Financial Services Group is set to expand its services for corporate customers in Norway and Denmark through the establishment of two new branches of Zurich Insurance Ireland, an EU-wide risk carrier offering general insurance cover for cross-border risks in Europe.
Since 2002, Zurich has managed its global corporate business in Denmark and Norway through TrygVesta. Based on the European legislation on Freedom of Services, Zurich began offering corporate insurance in Norway and Denmark through its Swedish Zurich Insurance Ireland (ZIIL) branch in 2006.
With the establishment of the two new branches, Zurich will initially focus on developing new business opportunities. The current network cooperation with TrygVesta will terminate at the end of 2008. Consequently, risks placed in the network in 2008 will be handled by the parties until the individual risk expires. Since policies are normally concluded within a one year term, risks will have expired by December 31, 2009 at the latest.
Geoff Riddell, CEO for Zurich global corporate business, said: The expansion of our ZIIL branch network reflects Zurich’s commitment to profitably grow our European Corporate business in selected markets and broaden our General Insurance products and services offering in Europe.