Zurich Financial Services has sold 100% of its direct equity investment of £63m in Endurance Specialty Insurance, Bermuda, to Endurance Specialty Holdings, the holding company of Endurance Specialty Insurance.
The proceeds of the transaction were £63m. The Zurich investment was made as part of the initial capitalization of Endurance on December 14, 2001.
Head of the Global Asset Business Division and Zurich's Chief Investment Officer David Wasserman said: "The sale of our interest in Endurance is in line with our intention to reduce our exposure to equity investments.
"This frees up risk-based capital that will be redeployed in core operations promising sustainable and profitable growth."
Endurance Specialty Holdings is a global provider of property and casualty insurance and reinsurance. The company commenced operations at the end of 2001.
