Zurich Financial Services Group has revealed that its Ireland-headquartered subsidiary, Zurich Insurance Ireland Limited, has gained the necessary authorization to become an EU-wide risk carrier for Global Corporate business.
As a result of the award, Zurich Insurance Ireland Limited (ZIIL), formerly Eagle Star Insurance Company (Ireland) Ltd, will have the ability to operate through a branch network throughout the EU under the EU Non-Life Insurance Directives to offer Global Corporate insurance.
The designation allows Zurich to move to a new structure that is aligned to its strategy of creating a more effective organization by achieving centrally co-ordinated, and therefore more efficient, capital management. ZIIL will specialize in offering insurance cover for cross-border risks and related services to European corporate customers.
As a first step, ZIIL has established a branch office, Zurich Insurance Ireland Limited UK Branch, which is located in London and will become operative as from May 24, 2005. It will underwrite insurance cover for non-UK domiciled business for Zurich Global Corporate UK’s customers.
In the course of this streamlining, both ZIIL and Eagle Star will become separate subsidiaries of Zurich Insurance Company. Both entities were formerly subsidiaries of Zurich entities in the UK and both will continue to trade as Eagle Star in Ireland.