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

Zurich, June 17, 1998. - Zurich has entered into a definitive agreement to acquire the industrial and marine business of Swedish-based insurer Trygg-Hansa, a member of Skandinaviska Enskilda Banken, effective July 1, 1998. In line with the announcement made at the end of April, Zurich will assume the whole portfolio and offer employment to all staff of this particular market segment in the countries of Sweden, Denmark, Norway and Finland. In addition, Zurich will acquire Trygg-Hansa’s subsidiaries in the Baltic states of Estonia, Latvia and Lithuania. The transaction is subject to the approval of the relevant authorities.

Trygg-Hansa’s Industrial & Marine Division provides customized insurance solutions to medium-sized and large corporate and industrial customers. In 1997, it reported premiums of approximately CHF 263 million and an operating income of CHF 27 million. As a result of the transaction, Zurich will further strengthen its already substantial position in the Swedish market and, with premium income of some CHF 310 million, be among the leading writers of industrial and corporate business in Sweden. Trygg-Hansa’s portfolio in Denmark, Norway and Finland will be integrated into the existing local Zurich business units.