Zurich Insurance Group Ltd. said Tuesday it had agreed to transfer its German legacy medical malpractice book of business to Dublin, Ireland-based runoff firm Catalina Insurance Ireland DAC.
The portfolio represents reserves of about $450 million as of December 31, 2016, Zurich said in a statement. The deal, which was handled by its Irish unit, is subject to regulatory and court approval, Zurich said.
Zurich Group CFO George Quinn said in a statement that the “transaction reduces risk and continues the process of simplifying the group and releasing capital from non-core activities.”
A Zurich spokesman said the company does not comment on the specifics of its transactions.
The business transferred to Catalina, which is a unit of Catalina Holdings (Bermuda) Ltd., relates to business that was placed into runoff in 2012 as a result of a re-evaluation of the business following a deterioration in reserves, the spokesman said.
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