Zurich has announced plans to pull out of Zurich Warranty Management Services (ZWMS).

The move will mean the closure of its office in North Wales, with the loss of 120 jobs.

ZWMS said however that it will provide on-site job search assistance to employees, with potential employment opportunities at Zurich Financial Services Groups.

A deal has been struck whereby Home Service will now provide administrative services to the portfolio of contracts from ZWMS.

A Zurich statement said: "This decision is in line with the action program Zurich announced on September 5, which is focusing Zurich's activities on core markets and core products capable of delivering sustainable and profitable growth."

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