The transfers are part of an ongoing Group-wide effort to simplify Zurich’s legal structure and consequently achieve greater flexibility in its capital management.
For customers nothing will change. They will continue to receive the same high levels of service and protection regarding the conduct of business, in particular in terms of complaint handling and the ability to seek redress through local legal processes.
Markus Hongler, Chief Executive Officer Western Europe and Zurich Insurance plc, said: “Upon completion of all transfers, ZIP is expected to generate revenues of about EUR 11 billion. For Zurich as a Swiss-based corporation, a single EU-based risk carrier with branches in the EU member states is both capital and operationally efficient. It enables us to take advantage of the EU single market and regulatory environment.”