STOCKHOLM, Sweden, March 20, 2003 (PRIMEZONE) -- If P & C Insurance and Zurich Financial Services Group have signed a preliminary agreement, through which the insurance portfolios of Zurich's companies in Latvia and Lithuania will be transferred to If's local subsidiaries. Going forward, If will act as Zurich's local cooperation partner in Baltic countries. The portfolio transfer is subject to approval from the local authorities.
Prior to the agreement, If's market share in Latvia is 4 per cent and over 6 per cent in Lithuania. Assuming all previous Zurich customers renew with If, the premium growth would be around 20 per cent in Latvia and around 10 per cent in Lithuania.
The agreement between If and Zurich provides the transferred and already expired portfolio with an extensive reinsurance cover. If Latvia and If Lithuania will renew the transferred portfolio within If's underwriting guidelines.
In addition to the portfolio transfer the companies have agreed on cooperation in Latvia and Lithuania as well as in Estonia. "We will act as Zurich's cooperation partner in these countries, i.e. we will provide If's risk management and insurance services for Zurich's international customers", says Kimmo Haapalehto, Head of If's Baltic operations.
Further information:
Kimmo Haapalehto, Head of Operations in the Baltic Countries, tel. +358 500 861 648
Helena Dyrssen, Head of Corporate Communications, tel +46 70 529 23 35
This information was brought to you by Waymaker http://www.waymaker.net
The following files are available for download:
http://www.waymaker.net/bitonline/2003/03/20/20030320BIT01390/wkr0001.doc
http://www.waymaker.net/bitonline/2003/03/20/20030320BIT01390/wkr0002.pdf