Asian News - Hong Kong: Zurich buys general insurer Kono
Source: Asia Insurance Review | Dec 2015
Zurich Insurance has agreed to acquire Kono Insurance, an authorised general insurer in Hong Kong, which will become a wholly-owned subsidiary of the Swiss insurer, subject to regulatory approval.
The acquisition will enable Zurich to tap Kono Insurance’s expertise in construction and engineering-related insurance.
Mr Eric Hui, CEO 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.”
Zurich’s General Insurance business and its EC portfolio in Hong Kong rank second in the overall general insurance market and EC market respectively in 2014 in terms of Gross Written Premiums.