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Member, Beacon International Group, Ltd.
ZURICH, Switzerland--Zurich Financial Services Group is reducing its presence in the Nordic markets in a continuation of its strategy to focus on key markets, the company announced Thursday.
Under a deal reached with Danish property/casualty insurer Tryg Vesta, most of Zurich's nonlife business in Norway and Denmark will be transferred to Tryg. The business Zurich is transferring in those countries represented gross premiums totaling about 109.5 million euros ($100.9 million).
As part of the arrangement, Tryg will service Zurich's international and corporate clients in Denmark and Norway. Tryg also will be able to use Zurich's international network to service its international and corporate clients in those countries where Tryg has no presence, Zurich said in a statement.
In Sweden, Zurich's personal and commercial business will be run off, as will disability and financial institutions businesses in Denmark. Corporate business in Sweden will be handled by Zurich's Swiss-based headquarters.
Meanwhile, Zurich's corporate business in Finland and the Baltic countries will be repositioned by the end of 2002, the company said.
Zurich "had a relatively small share of the market in the Nordic countries and we view them as saturated markets with few growth opportunities," said a company spokeswoman.