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Zurich welcomes the completion of the transaction between CSS and Intras
Zurich, May 29, 2008 - Zurich Switzerland welcomes the completion of the transaction between CSS and Intras which has been approved by the relevant authorities and announces the entering into a comprehensive distribution agreement with CSS Group. Through this agreement Zurich Switzerland will gain additional distribution channels for its insurance solutions, enabling further sustainable profitable growth.
The CSS Group domiciled in Lucerne together with Geneva based INTRAS will further expand their leading position within the Swiss health insurance industry. The Swiss Competition Authority, the Federal Department of Home Affairs (FDHA) and the Federal Office of Private Insurance (FOPI) have approved the transaction without any restrictions.
The new CSS Group will have 1.62 million policyholders, of which 1.33 million are allocated to the mandatory insurance and representing 18 percent marketshare with CHF 4.6 billion of premiums.
Strengthened partnership
For several years Zurich Switzerland has had a successful partnership with CSS as well as Intras and intends to further strengthen and expand this relationship with the enlarged CSS Group. The distribution agreement will now be further developed by having health insurance products of CSS for personal lines distributed through the tied agent network of Zurich Switzerland.
Combined distribution strength
With the new distribution agreement the successful cooperation between CSS and Zurich will be further strengthened: Part of the product range – both Life and General Insurance products of Zurich Switzerland – will be offered through the CSS distribution channel throughout Switzerland. Therefore CSS customers will have direct access to the broad range of Zurich products.
The Zurich Insurance Company (Zurich Switzerland) is in charge of the Zurich Financial Services Group’s corporate and private customer segment in Switzerland and in the Principality of Liechtenstein. It is one of the largest insurers in Switzerland and appears on the market under the names Zurich and Zurich Connect.
Zurich Financial Services Group (Zurich) is a financial services provider established in the insurance sector, with a global network of subsidiaries and branches in North America and Europe as well as in the Asian-Pacific region, in Latin America and additional markets. The company founded in 1872 has its headquarters in Zurich, Switzerland and employs around 60,000 staff which provide services in more than 170 countries.
For further information:
Zurich Switzerland media office
Telephone: 044 628 75 75
E-Mail: media@zurich.ch
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