Zurich Sells Stakes in Spanish Life and P/C to Unnim

Zurich Financial Services Group announced that it has entered into a definitive agreement to sell back to Spanish insurer Unnim its 50 percent stakes in the life and general insurance bancassurance companies jointly owned with Unnim.

Zurich said the “agreement follows the merger of Caixa Sabadell together with Caixa Terrassa and Caixa Manlleu to form Caixa d’Estalvis Unió de Caixes de Manlleu, Sabadell i Terrassa or Unnim on July 1, 2010.

“Unnim will pay a cash consideration of $388 million (€285 million) to Zurich in exchange for Zurich’s Unnim Jointly Owned Companies stakes.

“Completion is subject to customary regulatory clearances and is expected in the first quarter of 2011. Zurich and Unnim will work on an orderly transition to ensure that customers of the Unnim Jointly Owned Companies are not affected by the transaction.”

Zurich added that it “remains fully committed to the life and general insurance markets in Spain and to its other bancassurance partners in the country.”

Source: Zurich Financial Services