Zurich Insurance coverage Group has reopened negotiations to promote its German life insurance coverage portfolio following the collapse of an preliminary settlement with Viridium Holding final 12 months.
Chief monetary officer Claudia Cordioli mentioned the renewed efforts throughout an interview with Bloomberg TV.
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The earlier try to promote the portfolio, valued at round $20bn, was halted when Viridium withdrew on account of problems regarding its possession construction.
Cordioli stated: “We’re nonetheless strategically all in favour of a sale of the e-book and we’re evaluating choices and speaking to various gamers.
“There are different gamers which might be additionally very probably within the Zurich e-book.”
A number of giant insurers have been seeking to cut back publicity to older insurance coverage books, usually by way of gross sales to consolidators supported by non-public fairness, as a method of adjusting their monetary positions in a better rate of interest setting, the report famous.
Cordioli acknowledged: “It’s essential to guarantee that who invests on this enterprise has an alignment of curiosity with the policyholders, which is entrance and centre within the minds of the regulator and gamers like Zurich alike.”
Zurich CEO Mario Greco has beforehand expressed considerations about rising non-public fairness involvement within the sector.
Cordioli added: “Anybody taking up belongings from insurers must be in it for the long run.”
In its newest monetary replace for the interval ending 30 September, Zurich reported that gross written premiums (GWP) in its property and casualty (P&C) section elevated by 8% to $38.9bn.
Progress was attributed primarily to positive aspects within the Retail division and ongoing constructive ends in Industrial Insurance coverage.
The group’s Life Insurance coverage enterprise reported an 11% improve in gross premiums, reaching $26.7bn. Farmers Exchanges noticed GWP rise by 5% to $22.6bn.
