EUROPE - Zurich Financial Services is set to agree on the transfer of its insurance business in Latvia, Estonia and Lithuania to If P&C Insurance in a bid to refocus on key European markets.
Helsinki-based If P&C Insurance is the largest property and casualty insurer in the Nordic region and already has a presence in the Baltics. The company will now service Zurich’s international corporate clients in the region.
Axel Lehmann, chief executive officer of the continental Europe business division, said: “This agreement is a further step in the implementation of our strategy to focus on core markets and core activities that maximise the value of our businesses.”
In 2002, Zurich’s businesses in the three countries had a gross written premium volume of about E6m.
Zurich stressed that the agreement will include a series of collaborations between the two firms.
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