Switzerland-based Zurich Financial Services Group has completed the acquisition of the life business portfolio of ING Insurance Argentina. This includes the related assets and liabilities. Details of the purchase price were not disclosed.
For the year ended December 31, 2004 the acquired business had gross written premiums of approximately $18 million (around 52 million Argentinean pesos).
The acquisition adds to the life business portfolio of Zurich in Argentina, which had gross written premiums and policy fees of approximately $24 million (around 71 million Argentinean pesos) in 2004. Therefore Zurich’s portfolio of life insurance in Argentina now stands at $42 million.
Zurich Financial Services is an insurance focused financial services provider which operates a global network. Zurich has offices in more than 50 countries and employs about 57,000 people.
The completion of the transaction follows the initial announced of the deal in October 20, 2004.