Zurich To Acquire Trygg-Hansa's Industrial & Marine Business

Zurich Group has entered into a definitive agreement to acquire the industrial and marine business of Swedish-based insurer Trygg-Hansa, a member of Skandinaviska Enskilda Banken, effective July 1, 1998. In line with the announcement made at the end of April, Zurich will assume Trygg-Hansa's whole portfolio and offer employment to all staff of this particular market segment in the countries of Sweden, Denmark, Norway and Finland. In addition, Zurich will acquire Trygg-Hansa's subsidiaries in the Baltic states of Estonia, Latvia and Lithuania. The transaction is subject to the approval of the relevant authorities.

Trygg-Hansa's Industrial & Marine Division provides customized insurance solutions to medium-sized and large corporate and industrial customers. In 1997, it reported premiums of approximately CHF 263 million and an operating income of CHF 27 million. As a result of the transaction, Zurich will further strengthen its already substantial position in the Swedish market with premium income of some CHF 310 million. Trygg-Hansa's portfolio in Denmark, Norway and Finland will be integrated into the existing local Zurich business units.