Acquisition of Life portfolio from ING in Argentina
Zurich, October 20, 2004 – In order to strengthen the Life Insurance business in Argentina, Zurich Financial Services Group (Zurich) has signed an agreement with ING Insurance Argentina to acquire their Life business portfolio in Argentina. This includes the related assets and liabilities. The parties agreed to keep the transaction price confidential. As at December 31, 2003 the acquired business had gross written premiums, on a local statutory basis, of approximately USD 14 million (43 million Argentinean pesos). Pending regulatory approvals, the transaction is expected to close in early 2005.
