Wealth management

In Brief: Zurich to Sell U.S. Underwriter for $1.1B

Published April 05, 2005, 1:00 a.m. EDT

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Updated April 04, 2005, 4:52 p.m. EDT

1 Min Read

Zurich Financial Services AG said Monday that it will sell its wholly owned Universal Underwriters Group for about $1.1 billion to a consortium of investors led by the San Francisco private equity firm Hellman & Friedman LLC.

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Universal Underwriters' business model is no longer in line with Zurich's model and brand in North America, the Swiss insurer said. Universal sells specialized insurance and financial services to franchised car, truck, motorcycle, and equipment dealers in the United States. The business generated $1.5 billion of gross written premiums and fees last year.

Zurich Financial said it expects the transaction to close in the third quarter.

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Wealth management

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