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Zurich sells UK non-core assets to Swiss Re
Swiss insurer Zurich Financial Services is to sell some of its non-core UK insurance assets to reinsurer Swiss Re to recoup regulatory capital.
Zurich Specialities London will transfer its run-off insurance business to Swiss Re at book value, resulting in repatriation of regulatory capital of around $360m (£219m) over time.
About $950m in gross assets and liabilities, largely US and UK broker placed commercial casualty policies, will be transferred to Swiss Re.
Zurich Specialities London has not underwritten new policies since 2005.
Zurich is Europe’s fourth-largest insurer by market value.