ZURICH, Switzerland—Zurich Financial Services is selling its Overland Park, Kan.-based subsidiary Universal Underwriters Group to a group of investors.
ZFS said it had agreed to a $1.1 billion stock purchase agreement with a group of investors led by San Francisco-based private equity investment firm Hellman & Friedman L.L.C.
Universal Underwriters writes insurance for franchised auto, truck, equipment and motorcycle dealers and the automotive aftermarket in the United States.
In a statement, James Schiro, chief executive officer of ZFS, said that the unit no longer fits with ZFS' core business model in the United States.
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