Zurich Insurance revives talks to divest German life insurance portfolio [Yahoo! Finance]
ZURICH INS GROUP S/ADR (ZURVY)
NASDAQ:AMEX Investor Relations:
zurich.com/en/investor-relations
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Source: Yahoo! Finance
Chief financial officer Claudia Cordioli discussed the renewed efforts during an interview with Bloomberg TV The previous attempt to sell the portfolio, valued at around $20bn, was halted when Viridium withdrew due to complications concerning its ownership structure. Cordioli said: “We are still strategically interested in a sale of the book and we are evaluating options and talking to a number of players. “There are other players that are also very interested potentially in the Zurich book.” Several large insurers have been looking to reduce exposure to older insurance books, often through sales to consolidators supported by private equity, as a means of adjusting their financial positions in a higher interest rate environment, the report noted. Cordioli stated: “You need to make sure that who invests in this business has an alignment of interest with the policyholders, which is front and centre in the minds of the regulator and players like Zurich alike.” Zurich CEO Mar
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