Zurich Financial Services Group announced that its subsidiary, Zurich Insurance Ireland Limited (ZIIL), which functions as an EU-wide risk carrier for Zurich’s general insurance business, has opened branches in Belgium and Italy. ZIIL now operates in Belgium, Finland, France, Italy, Sweden and the UK under the direction of its Dublin head office.
“ZIIL’s structure is in line with Zurich’s strategy to create a more efficient and effective organization through a centrally coordinated and thus more efficient capital management approach,” said the bulletin. “Under the EU Non-Life Insurance directives enabling the freedom to provide services, ZIIL will be instrumental in driving bottom line profitability for Zurich’s corporate business. Through its expanding branch network, it will continue to offer increased potential for substantial organic growth.”
Geoff Riddell, CEO-Global Corporate, commented: “The expansion of our ZIIL branch network reflects Zurich’s commitment to further grow our European corporate business and enhance our general insurance products and services offering to the corporate market. ZIIL allows us to make more efficient use of our capital and to even better serve our European customers in a changing risk environment.”
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