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Zurich Sells Majority Interest in ZC Sterling Corporation
Zurich, May 24, 2005 – Zurich Financial Services Group (Zurich) and Trident III, L.P. (Trident) have signed a definitive stock purchase agreement for Trident to acquire Zurich’s equity stake of about 94% in ZC Sterling Corporation (ZC Sterling). The parties agreed to keep the value of the transaction confidential. Subject to regulatory approvals, the transaction is expected to close in the third quarter of 2005.
The sale of the stake in ZC Sterling represents another step for Zurich to focus on its core insurance operations. The insurance relationship between Zurich and ZC Sterling will continue under long-term contracts entered in 2004, with ZC Sterling serving as an underwriting management agent for certain Zurich risk carriers in North America.
ZC Sterling is a leading provider of business process outsourcing, insurance, consumer marketing and technology services to the mortgage, insurance and homebuilding industries. The company is headquartered in Atlanta, Georgia.
Zurich Financial Services is an insurance-based financial services provider with a global network that focuses its activities on its key markets in North America and Europe. Founded in 1872, Zurich is headquartered in Zurich, Switzerland. Zurich has offices in more than 50 countries and employs about 57,000 people.
Trident III, L.P. is a global private equity fund with USD 1.1 billion in capital commitments. To date the Trident Funds have raised more than USD 3 billion in committed capital to make investments in the insurance, benefits and other financial services industries.
For additional information please contact:
Media and Public Relations
Phone: +41 (0)44 625 21 00, Fax: +41 (0)44 625 26 41
Investor Relations
Phone: +41 (0)44 625 22 99, Fax: +41 (0)44 625 36 18
Zurich Financial Services
Mythenquai 2, P.O. Box, 8022 Zurich, Switzerland
SWX Swiss Exchange/virt-x: ZURN
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