Zurich to sell Taiwan general insurance operations to Hotai Motor

Hotai Motor Co

17/06/2016 16:27

ZURICH, June 17 (Reuters) - Zurich Insurance  ZURN.S  has 
agreed to sell its general insurance operations in Taiwan to 
Hotai Motor Co Ltd  2207.TW , it said on Friday, the same day as 
it announced the sale of its Morocco business to Allianz Group 
 ALVG.DE .  urn:newsml:reuters.com:*:nL8N19932B 
    "Zurich's decision to sell its general insurance business in 
Taiwan follows a comprehensive assessment that found while the 
market in Taiwan remains attractive, there was limited scope for 
Zurich's general insurance business to achieve an operating 
scale that warranted continued investment," Zurich said in a 
statement.  
    In 2015, the Taiwan general insurance business generated 
gross written premiums of around $118 million and net income of 
$10.6 million, Zurich said.  
 
 (Reporting by Joshua Franklin; editing by Michael Shields) 
 ((joshua.franklin@thomsonreuters.com; +41583067007; Reuters 
Messaging: joshua.franklin.thomsonreuters.com@reuters.net)) 
 
Keywords: ZURICH INS GROUP DIVESTITURE/TAIWAN