Zurich Financial Services will cease active underwriting for new and renewal business for Zurich Specialties London (ZSL) with effect from 31 December 2005.
The company said the decision was arrived at following a reduction in trading activity after the successful launch of Zurich Insurance Ireland (ZIIL) UK Branch in May 2005 and withdrawal from certain lines of business earlier in the first quarter of 2005.
It added that the decision is in line with Group strategy to optimise capital allocation.
Zurich Financial Services said it remains committed to managing and operating ZSL in a manner that is consistent with its group operations.
It also said commitment to provide ongoing group support to the run-off is underpinned by the fact that a significant proportion of ZSL's policyholders have business ties elsewhere within the Zurich Group.”
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