Zurich Buys Stake in Chinese Brokerage
On Tuesday, Zurich Financial Services AG announced that it purchased a minority state and took control of a Chinese insurance-brokerage firm. This is part of the Swiss insurer’s plan to establish a national insurance sales and distribution system in China. As previously reported in the “Daily NewsFlash”, Zurich’s goal is to have 1,000 agents in China sell products by 2009.
The insurance-brokerage firm had changed its name to Zurich Insurance Brokers (Beijing) Ltd. from Best Harmonious Insurance Brokers Co. after the deal was signed earlier this year.
"We want to be one of the top five global insurers over the long term -- China is an important market in achieving that goal given the size and scope," said Zurich Financial Chief Executive James Schiro at a briefing in Beijing.
Zurich already owns a 20% stake in China's fourth-largest insurer by premiums, New China Life Insurance Co., and operates a general insurance branch in Beijing under its own name.
Published on September 6, 2007
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