With the over-reaching goal to improve its combined ratio by 3 to 4 percentage points by 2013 relative to its global competitors, Zurich Financial Services AG, confirmed plans to accelerate its exit from several centrally managed businesses in an effort to free up approximately $600 million in capital. More than two-thirds of the savings will come from its non-life business, confirmed the company.
Last year, general insurance contributed 62% of the insurer’s profit. As recently as Nov. 30, 2010, Zurich’s North American operations in Schaumburg, Ill., announced additional commercial lines’ property/casualty products, including its Property Portfolio Protection (P3) for the construction industry.
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