Help

BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Login Register Subscribe

Zurich sells South African operations

Reprints
Zurich sells South African operations

Fairfax Financial Holdings Ltd. said Wednesday it has acquired the South African and Botswana operations of Zurich Insurance Group Ltd.'s Zurich Insurance Co. South Africa Ltd.

The terms of the transaction were not disclosed.

Zurich South Africa has more than 800 employees, according to a Fairfax statement.

According to Zurich, reshaping its geographic footprint is a high priority over the next two years.

“We are pleased to have (Zurich South Africa) join the Fairfax group,” Prem Watsa, chairman and CEO of Fairfax said in the statement. “It is a high-quality and well-known regional business, with an outstanding management team led by Edwyn O'Neill. Africa is a continent that represents a long-term growth opportunity for Fairfax, but where we have traditionally done little primary commercial insurance business. This acquisition represents a key step in expanding our presence in this important market.”

Read Next

  • Zurich sells African insurer to rival

    Allianz S.E. has agreed to buy Zurich Insurance Group Ltd.’s Moroccan insurance business for €244 million ($347.9 million), Allianz announced Friday.