logo
  

Zurich Insurance To Sell Its Legacy Traditional Life Insurance Back Book In Germany To Viridium

Zurich Insurance Group (ZURVY) has agreed to sell its legacy traditional life insurance back book in Germany to Viridium Holding AG. The deal includes the transfer of $20 billion of net reserves, mainly related to annuity and endowment products underwritten more than five years ago.

Zurich Insurance noted that, on completion of the divestment, its Swiss Solvency Test ratio is expected to increase by approximately 8 percentage points.

"This is, perhaps, the most important step in our efforts to reduce the capital intensity of Zurich's legacy life portfolios and to lower our exposure to interest rates," said CFO George Quinn.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Seffner, Florida -based Canyon Furniture Co. is recalling ladders sold with bunk bed and hutch sets citing entrapment and strangulation risks, the U.S. Consumer Product Safety Commission said. The about 2,100 units of Canyon Lake and Cottage Colors Bunk Bed and Hutch Sets were sold exclusively at Rooms To Go. Lyft announced the expansion to its partnership with Indeed in Jobs Access program. The ride-hailing company will be providing transportation access for Indeed's Ready to Work program. Indeed's Ready to Work program is a series of free virtual and in-person events for job seekers in several cities across the U.S. from September 15 to October 8, 2022. Pool and Spa drain covers imported to the United States by various companies have been recalled due to violation of the Virginia Graeme Baker Pool and Spa Safety Act, the U.S. Consumer Product Safety Commission announced. The various recalls include pool and spa drain covers manufactured in China and sold exclusively at Amazon.com for different prices ranging from $10 to $12.
RELATED NEWS
Follow RTT