Zurich and Genevoise become one
The Zurich Financial Services Group’s integration of the Genevoise Life Insurance business into its own at head office level is soon to be completed, with approval from the Swiss Federal Office of Private Insurance being the final requirement to be met.
The Genevoise operation will be taken over by both the Zurich Life Insurance Company and Zurich Insurance, with the change being retroactively effective from January 1, 2006.
Zurich’s adoption of the Genevoise business has been carried out with a view to expanding the organisation’s coverage of the pensions market. It is also hoped the move will consolidate Zurich’s market presence and achieve economies of scale to build a foundation for future growth.
The integration of Genevoise has been timed to coincide with the implementation of a new model for Zurich’s life insurance arm in Switzerland.
This new framework has been designed to offer the firm’s clients access to all segments of insurance under a single brand.
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