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Zurich Insurance Group Ltd. will stop underwriting nonlife insurance business in the Middle East because of limited profit prospects, it said.
Zurich, which is undergoing a review of its nonlife business following a third-quarter loss, announced Thursday that it would cease writing business for small business and retail customers in the region by the end of November and would exit the market entirely by the end of 2016.
In a statement, the insurer said it remained committed to its life insurance business in the Middle East.
Zurich Insurance Group Ltd. on Monday announced it would cut about 440 jobs in its U.K. general insurance division as part of a plan to reduce costs and simplify the unit's operating structure.