News releases, October 27, 2015

Zurich announces acquisition of Kono Insurance in Hong Kong


Zurich’s General Insurance business (Zurich) in Hong Kong is pleased to announce that it has entered into an agreement to acquire Kono Insurance Limited (Kono Insurance), an authorized general business insurer in Hong Kong. The acquisition will enable Zurich to build upon the strength of its existing proposition offering in Hong Kong by adding Kono Insurance’s expertise in construction and engineering related insurance. Kono Insurance will become a wholly owned subsidiary of Zurich, subject to regulatory approval.

Commenting on the acquisition, Eric Hui, Chief Executive Officer for Zurich's General Insurance business in Hong Kong, said: "Kono Insurance has a strong team with underwriting discipline and claims competence in construction related insurance. The acquisition will enhance Zurich’s existing employees’ compensation (EC) insurance offering. It is our strategic intent to serve the construction industry with a wider range of insurance propositions including engineering, credit, professional indemnity, etc.”

Andrew Fung, Chief Executive of Kono Insurance, commented, “This next chapter in Kono is an exciting time for our team. Kono will benefit from Zurich’s global expertise and strong position in Hong Kong, thereby bringing better services to our customers.”

Kono Insurance is a multi-line general business insurance player with more than 30 employees in Hong Kong. It underwrites most classes of general business insurance, with a particular focus on construction and engineering related insurance.

Zurich’s General Insurance business and its EC portfolio in Hong Kong ranks second in the the overall general insurance market and EC market respectively in 2014 in terms of Gross Written Premiums. Stuart Spencer, Chief Executive Officer for Zurich General Insurance Asia Pacific said the acquisition will enable Zurich to further elevate its’ services for Hong Kong’s robust construction industry by offering a more comprehensive suite of insurance package, which will build on and further refine Zurich’s distinctive position in this market.

Media Relations

Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. With more than 55,000 employees, it provides a wide range of general insurance and life insurance products and services. Zurich’s customers include individuals, small businesses, and mid-sized and large companies, including multinational corporations, in more than 170 countries. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information about Zurich is available at

www.zurich.com

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Zurich's presence in Hong Kong dates back to 1961. In Hong Kong, Zurich offers a full range of flexible general insurance and life insurance products for individuals as well as corporate customers, catering to their insurance, protection and investment needs.