Nationwide Agrees to Sell Neckura Holding AG

According to an A.M. Best report, Nationwide Mutual Insurance Co. said it agreed to sell Neckura Holding AG, the parent of its German automobile insurance operations, to Zurich Group Germany, a unit of Switzerland’s Zurich Financial Services Group. Terms were not disclosed.

Neckura, based in Oberursel, Germany, has about $189.5 million in annual premiums, two-thirds of which comes from auto insurance, Nationwide said. The company said it remains committed to Europe, including Germany, but is selling the auto unit as part of its effort to focus overseas operations on retirement and long-term-savings products.