Zurich sale process 'over within a month': report

Zurich sale process ‘over within a month’: report

27 January 2022

Zurich’s bid to sell its general insurance operations in Australia, excluding travel, will “wrap up within four weeks”, according to a media report today.

An article in The Australian newspaper claims that “sources close to the auction” say the process is well into the second round, with the assets set to bring in between $400 and $600 million.

insuranceNEWS.com.au has previously reported that any such sale would attract widespread interest.

“You have nothing to lose and everything to gain by having a look and at least understanding the assets,” one analyst said.

Today’s report in The Australian highlights Suncorp and Chubb as potential purchasers that are through to the “final furlong”. It also says Allianz can’t be ruled out.

But QBE – singled out in a headline by the same newspaper in November – apparently “fell away” in recent weeks, and IAG is reported to have “side-stepped the sale process”.

Zurich says it does not comment on market speculation.