Zurich Insurance has unveiled plans to sell its general insurance operations in Taiwan to automobile distributor Hotai Motor.
The insurer said that Hotai Motor had become the successful buyer following a rigorous bidding process and that it plans to establish a multi-line insurance brand.
Last May, Zurich had stated that reshaping its geographic footprint would be one of its highest priorities over the next two years as it seeks to build a more sustainable business while also improving overall profitability.
“Zurich’s decision to sell its general insurance business in Taiwan follows a comprehensive assessment that found while the market in Taiwan remains attractive, there was limited scope for Zurich’s general insurance business to achieve an operating scale that warranted continued investment,” said the insurer.
Stuart Spencer, Zurich General Insurance chief executive officer for Asia Pacific, explained that Zurich was focused on developing sustainable businesses that were built around meeting the growing needs of customers across the Asia Pacific region.
“The sale of our general insurance business in Taiwan marks an important milestone in our efforts to solidify our geographical footprint in Asia Pacific. We are proud of Zurich Taiwan’s heritage and pleased that such a respected company as Hotai is the buyer,” said Spencer.
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