Zurich, April 4, 2005 – Zurich Financial Services Group (Zurich) and Hellman & Friedman LLC (H&F), a private equity investment firm headquartered in San Francisco, have signed a stock purchase agreement for the sale of Zurich’s wholly owned Universal Underwriters Group (Universal Underwriters) to an investor group led by H&F. The transaction is valued at approximately USD 1.1 billion and expected to close in the third quarter of 2005, subject to regulatory approval.
James J. Schiro, Chief Executive Officer of Zurich Financial Services, said, "Universal Underwriters’ business model is no longer in line with our unified operating model and brand for Zurich’s North American Commercial businesses. The transaction provides Zurich with an attractive price and allows us to focus our resources and attention on our core markets and businesses. H&F is a partner that will help Universal Underwriters to capture identified business opportunities that currently fall outside of Zurich’s strategy."
Headquartered in Overland Park, Kansas, Universal Underwriters Group was founded in 1922 and acquired by Zurich in 1982. Universal Underwriters is the leading provider of specialized insurance and financial services to franchised auto, truck, equipment and motorcycle dealers and the automotive aftermarket in the United States. For the fiscal year ended December 31, 2004, Universal Underwriters generated gross written premiums and fees of USD 1.5 billion.
Zurich Financial Services is an insurance-based financial services provider with a global network that focuses its activities on its key markets in North America and Europe. Founded in 1872, Zurich is headquartered in Zurich, Switzerland. Zurich has offices in more than 50 countries and employs about 57,000 people.
For additional information please contact:
Media and Public Relations
Phone: +41 (0)1 625 21 00, Fax: +41 (0)1 625 26 41, E-mail: media@zurich.com
Investor Relations
Phone: +41 (0)1 625 22 99, Fax: +41 (0)1 625 36 18, E-mail: investor.relations@zurich.com
Zurich Financial Services
Mythenquai 2, P.O. Box, 8022 Zurich, Switzerland
http://www.zurich.com
SWX Swiss Exchange/virt-x: ZURN
