Revised: 09/22/2006
Zurich Sells Majority Stake in ZC Sterling
By Douwe Miedema
ZURICH, May 24
(Reuters) - Zurich Financial (ZURN.VX:) sold its
majority stake in U.S. insurance, consumer marketing and
technology company ZC Sterling Corporation as it keeps
narrowing its focus on its core insurance business.
Switzerland's largest insurer had sold the 94 percent
stake to private equity fund Trident III for an
undisclosed sum, it said in a statement on Tuesday. The
size of the deal was "very small", a spokesman for the
group said. "The sale of the stake in ZC Sterling
represents another step for Zurich to focus on its core
insurance operations," Zurich said. The deal is subject
to regulatory approval and should close in the third
quarter of 2005.
Zurich --
which has worldwide activities -- is drawing a
multi-year revamp to an end, returning from a late
1990's spending spree. The rejig brought it back to
profitability after a number of loss-making years at the
start of the decade. Zurich earns some 40 percent of
premium income in North America, most of it in non-life
insurance.
© Reuters 2005. All Rights Reserved.
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