Zurich Financial Services’
(Zurich) global expansion strategy has taken an important step
forward with an acquisition that will mark its entry into
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.
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