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Zurich international business expands

Swiss global insurance giant, Zurich, is on a profitable track this year, with positive results coming in from the First Quarter reports.
The group reported a total business operating profit of US$ 1.4 billion for the First Quarter of 2012 with an operating profit increase in the General Insurance sector of US$ 567 million to US$ 856 million.
It appears that Zurich may be overcoming difficulties…

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Zurich Acquires MAAB in Malaysia

Global insurance power Zurich Insurance Co Ltd (Zurich) announced last week that they had closed the acquisition of the entire share capital of Malaysian composite insurer Malaysian Assurance Alliance Berhad (MAAB). From October 1, 2011 onwards the Malaysian insurer will become part of the Zurich Financial Services Group and will combining their strengths with the goal of eventually becoming the best…

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Increasing Activity in Asia from Zurich and Munich Re

Multinational insurance companies are continuing to look towards the Asia Pacific region for sustained premium growth and innovative new business opportunities to offset the more stagnant performance forecast for their home markets. This week, representatives from Swiss insurer Zurich Financial Services Group told media that they were planning to expand their operations in Indonesia considerably…

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Zurich Acquires Lebanese Insurance Company

Zurich Insurance Co. Ltd., a subsidiary of Zurich Financial Services AG, the Swiss insurer, has announced the acquisition of Compagnie Libanaise D'Assurances (CLA), a privately-owned Lebanese insurance company founded in 1951 that has branches in the United Arab Emirates, Kuwait and Oman.

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Zurich International Life Releases New Product in the Middle East

Zurich International Life, based in the Middle East, has recently announced the launch of a new life insurance product called Protected Equity Plus (PEP). PEP is a single-premium, investment-linked insurance plan, which offers a guaranteed return upon maturity, even in the event of a stock market collapse in the Middle East.

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Allianz-Munich Re Deal Contributes to US$250 million Risk Transactions for Perils AG

Perils AG, an insurance industry initiative which aims to improve the availability of catastrophe insurance market data, has released a loss index suggesting that the latest US$63.25 million (EUR 50 million) reinsurance transaction between Allianz Risk Transfer and Munich Re, for coverage of European wind risk, has contributed to the US$250 million (EUR 198 million) total placements of insurance transactions during the first six months of 2010. The deal between Allianz Risk Transfer and Munich RE was brokered by Willis Re, a leading reinsurance broker.

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Zurich enters Indonesian Life Insurance market

Zurich Financial Services Group subsidiary, Zurich Insurance Co., has bought a majority stake in Indonesian life insurance company, PT Mayapada Life. Zurich Insurance has agreed to buy an 80% stake in Mayapada Life from its parent company, Mayapada Group, for an undisclosed amount. The deal is expected to close in the third quarter of 2010, subject to regulatory approval. Mayapada Life had gross…

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ING Asia Business attracts interest from European Insurers

The high-growth of Asian markets is proving to be a tempting proposition for some European Insurers currently making unsolicited bids for the business of ING in that region. As per comments made by industry analysts it is thought that Zurich Financial Services Group, Allianz and Axa may be among the potential suitors for ING's Asia insurance unit.

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