Zurich Financial Services Group announced today that it completed an important step in the rationalization of its Group holding legal entity structure.
As part of the overall legal restructuring, Zurich Group Holding (ZGH), the Group’s penultimate holding company, has been merged into Zurich Financial Services Ltd, the Group’s ultimate holding company.
To enable this transaction, Allied Zurich Ltd., a 100% owned subsidiary of Zurich Financial Services Ltd, had already sold its 42.3% share in ZGH to Zurich Financial Services Ltd on August 19, 2009.
As two layers of holding companies were effectively taken out, Zurich Financial Services Ltd is now the immediate holding company of Zurich Insurance Company Ltd, the Group’s main operating company.
The further simplification will increase the Group’s flexibility and transparency and enable it to manage its capital and dividend flow more effectively. There is no impact on the consolidated financial position of Zurich.
