Zurich Financial Services sells Claims Management Group Limited
Zurich, September 1, 2005 - Zurich Financial Services Group (Zurich) announced today that it has sold 100% of the share capital of Claims Management Group Limited (CMGL) to Sovereign Capital Partners LLP and the management of CMGL. The parties agreed to keep terms and conditions confidential. After having received regulatory approvals, the transaction was both signed and closed on August 31, 2005.
After the sale, CMGL will continue to manage insurance and reinsurance portfolios on behalf of Zurich. CMGL is a major provider of outsourced claims management and insurance administration services to London Market companies, Lloyd's syndicates, large corporates and general insurers. For the fiscal year ended December 31, 2004, CMGL earned total revenue of approximately GBP 41 million on a UK GAAP basis.
