Zurich Insurance Company South Africa, a subsidiary of the Zurich Insurance Group, has inked an agreement to purchase 100% ownership of BnB SURE Proprietary, for an undisclosed sum.

The current announcement stems up from a development in June 2012, when BnB SURE transferred its significant book of niche hospitality business to Zurich.

Zurich CEO Edwyn O’Neill said that the acquisition provides a host of opportunities for Zurich.

"It will further strengthen our business and customers will benefit from access to Zurich’s global capability and BnB SURE’s expertise in managing hospitatlity risks," O’Neill added.

BnB SURE founder and chairman Dave Jack commented, "BnB SURE will continue to serve its customers using the same technological platform with underwriting and claims being managed within the current operating structure."

Zurich would use its broker network to market the BnB Sure offering, which has approximately 4,000 policyholders.

In South Africa, Zurich operates as a short-term insurance company and provides insurance products and services to individual, commercial and corporate customers.

Managing offices in Europe, North America, Latin America, Asia-Pacific and the Middle East as well as other markets, Zurich provides an array of general insurance and life insurance products and services for individuals, small businesses, mid-sized, large companies and multinational corporations, in more than 170 nations.