Zurich Financial Services’
(Zurich) global expansion strategy has taken an important step
forward with an acquisition that will mark its entry into
Malaysia.
Zurich has agreed to pay
around $115m for 100% of Malaysian Assurance Alliance Berhad
(MAAB), the only significant operating unit of Malaysian company
MAA Holdings Berhad.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Established by MAAB and
according to Zurich, at the end of 2010 had gross written premiums
of around $476m of which $320m were contributed by its life
business. MAAB has a nationwide presence and distributes life
insurance products through 4,800 tied life agents and general
insurance products through 3,000 multi-tied agents.
In addition to the cash consideration it will pay, Zurich
intends on making a capital injection of up to $172m into MAAB in
order to bring the company into compliance with local capital
requirements.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
