Zurich Insurance Group (ZURN.EB) said Tuesday that its subsidiary entered an agreement to transfer its German legacy medical malpractice portfolio to Catalina Insurance Ireland DAC.
The portfolio with subsidiary Zurich Insurance Plc represents reserves of about $450 million as of December 31, 2016, according to Zurich, which expects the deal to have a "small positive impact" on capital and earnings when it's completed.
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The company said the transaction reflects its efforts to manage risk and free up capital from noncore operations.
"This transaction reduces risk and continues the process of simplifying the group and releasing capital from noncore activities," said Chief Financial Officer George Quinn.
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(END) Dow Jones Newswires
November 07, 2017 12:33 ET (17:33 GMT)