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Zurich considers divestment options: report

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Zurich Australia is considering the sale of some “non-core” general insurance assets, according to a media report.

Bloomberg reports that the firm is looking to “streamline its portfolio”, citing “people familiar with the matter”.

A Zurich spokeswoman said today it “does not comment on rumours and market speculation”.

Sources within the company in Sydney told insuranceNEWS.com.au the Bloomberg article has caused considerable informal comment among staff, but “nothing official” has been shared with them by management.

In July the general insurance arm of Zurich Australia lost its CEO, Tim Plant, when he resigned to join IAG as Chief Insurance and Strategy Officer. He was in the role for three years.

Justin Delaney, who was formerly CEO Life and Investments at Zurich Australia, has added general insurance to his responsibilities as Country CEO. Zurich says Sean Walker, the Chief Underwriting Officer for general insurance in Australia & New Zealand, is supporting Mr Delaney in managing the GI business.