Zurich Takes Over INZIC – Major Shareholder in Baloise

Zurich Financial Services obtained the remaining 30 percent interest it didn’t already own in INZIC, an investment partnership set up to hold an approximately 30 percent stake in Swiss multi-line insurer Baloise.

Zurich first obtained the stake a year ago, and this additional investment of some $222 million raises speculation that it will eventually seek to acquire Baloise outright.

According to a report from Reuters, however, Zurich has consistently maintained that the investment is “purely financial,” and not a prelude to a takeover. The report cited potential job losses and restructuring costs as the main reasons for Zurich’s reluctance to seek a full merger.