Zurich to Transfer Legacy Malpractice Portfolio to Catalina
November 07 2017 - 12:48PM
Dow Jones News
By Sarah Sloat
Zurich Insurance Group (ZURN.EB) said Tuesday that its
subsidiary entered an agreement to transfer its German legacy
medical malpractice portfolio to Catalina Insurance Ireland
DAC.
The portfolio with subsidiary Zurich Insurance Plc represents
reserves of about $450 million as of December 31, 2016, according
to Zurich, which expects the deal to have a "small positive impact"
on capital and earnings when it's completed.
The company said the transaction reflects its efforts to manage
risk and free up capital from noncore operations.
"This transaction reduces risk and continues the process of
simplifying the group and releasing capital from noncore
activities," said Chief Financial Officer George Quinn.
Write to Sarah Sloat at sarah.sloat@wsj.com
(END) Dow Jones Newswires
November 07, 2017 12:33 ET (17:33 GMT)
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