Zurich Insurance Group (Zurich) is reportedly preparing to offload some of its general insurance assets in Australia, according to a report by Bloomberg.
Referring to “people familiar with the matter”, Bloomberg said the Swiss-based company is working with an adviser on the potential divestment of non-core Australian commercial assets. Though Zurich declined to comment, the article said the sale could bring “a few hundred million dollars and may draw interest from other insurers and investment funds”.
Zurich has grown its Australian operation through acquisitions such as its 2017 purchase of travel insurer Cover-More Group for around $741 million, and its agreement that same year to acquire ANZ Banking Group’s life insurance businesses for $2.85 billion, which was completed in 2019.