View more on these topics

Zurich signs £600m deal with Banco Sabadell.

Zurich Financial Services has announced today that it has signed a £600m agreement to acquire a 50 per cent stake in Banco Sabadell’s insurance operations.

The Swiss insurer will now acquire a stake in the Spanish firm’s life insurance, pension and general insurance operations.

With these acquisitions, Zurich becomes the fourth largest life and fourth largest general insurer in Spain.

Zurich’s CEO James J Schiro says: “We have always said we wanted to increase our market position in this important market. It is also consistent with our multi-distribution strategy, and reflects our disciplined approach to acquisitions.“

Zurich’s CEO of global life insurance Mario Greco says the move is a huge step forward.

He said: “This is another milestone in the implementation of our global life strategy, and reinforces our strength in bancassurance distribution. This acquisition and alliance strengthens our progress to this goal.”

Zurich will finance this transaction with internal resources. The transaction is subject to the approval of the relevant regulatory authorities and is expected to close by Q4 2008.


Time to stop the salami slicing on tax relief

Steve Webb  – Director of Policy and External Communications As the Autumn Statement approaches, Steve Webb calls for the Government to stop tinkering with tax relief. Twice a year, in the run-up to the Spring Budget and the Autumn Statement, we face a torrent of speculation as to what changes the Chancellor might make to […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm