Standard Insurance to Acquire Zurich Gen Phils
Standard Insurance Co., Inc. (Standard), the leading motorcar insurance in the Philippines, recently signed an agreement for the 100 percent acquisition of Zurich General Insurance Philippines (Zurich Gen), the local nonlife branch of global insurer and one of the worlds major insurance-based financial services provider, Zurich Financial Services (Zurich).
Zurichs decision to sell is in line with its strategy to focus on core markets.
For Standard, the acquisition is a perfect opportunity to fast track its expansion and obtain the expertise in the property insurance line.
Under the agreement, Standard will become the cooperative partner for Zurichs International Program Business and service Zurichs international corporate customers in the Philippines.
Standard will integrate Zurich Gen and its personnel into its operations. This will fortify Standards leadership position in the non-life industry given the complementation of the two companies.
In addition, this will allow Standard to continuously provide high quality service of global standards and maintain an attractive motorcar and fire insurance portfolio, catering to both retail and corporate markets.
Providing over forty-five years of service, Standard has consistently been among the top 10 domestic non-life insurance players in the industry and holds the biggest market share in motorcar insurance estimated to exceed 15 percent of the total industry for 2003.
Standard, ISO 9001:2000 certified for its Quality Management System, ranked 6th in terms of gross premiums at P1. …