The Zurich Group to acquire Trygg-Hansa’s industrial & marine business

Zurich, April 29, 1998. - Zurich has signed a letter of intent to acquire the industrial and marine business of the Swedish based insurance company Trygg-Hansa, a member of Skandinaviska Enskilda Banken. Under the agreement Zurich will acquire the industrial and marine insurance portfolio of Trygg-Hansa in Sweden, Denmark, Norway and Finland as well as the ownership of its subsidiaries in the Baltic states. The transaction is subject to the approval by the respective boards of directors and the responsible authorities. The parties expect the transaction to close as of mid-year 1998. No details are being given regarding the transaction price.

Trygg-Hansa’s Industrial & Marine division provides customized insurance solutions to medium-sized and large corporate and industrial customers. It is the leader in the Swedish marine insurance market and has a strong position in commercial and corporate market segments. In 1997 it reported total premium income of approximately SEK 1,356 million (CHF 263 million) and an operating result of SEK 140 million (CHF 27 million). Zurich is today a strong player in the Swedish international and corporate segments. The merger of the two operations would give Zurich a leading position in the Swedish non-life industrial and commercial market, with premium volume amounting to SEK 1.6 billion (CHF 310 million).