Zurich Financial Services Group has signed a definitive stock purchase agreement that will result in Trident acquiring its 94% equity stake in ZC Sterling Corporation. Subject to regulatory approvals, the transaction is expected to close in the third quarter of 2005.
Zurich has instigated a policy of refocusing its business on its core insurance services. The divestment of financial services management company ZC Sterling is the latest step in that process.
ZC Sterling is headquartered in Atlanta, Georgia and provides business process outsourcing, insurance, consumer marketing and technology services to the mortgage, insurance and homebuilding industries.
However, despite the sale, the insurance relationship between Zurich and ZC Sterling will continue under long-term contracts entered in 2004, with ZC Sterling serving as an underwriting management agent for certain Zurich risk carriers in North America.
Terms of the sale were not disclosed and the participating companies have agreed to confidentiality on the matter.