Strategy
Zurich Financial Services Sells Universal Underwriters

Zurich Financial Services is to raise $1.1 billion through the sale of its subsidiary Universal Underwriters Group to a group of investors l...
Zurich Financial Services is to raise $1.1 billion through the sale of its subsidiary Universal Underwriters Group to a group of investors led by the San Franssco-based private equity investment firm Hellman & Friedman LLC. Founded in 1922, Universal Underwriters is the leading provider of property and accident insurance to US franchised automotive dealerships with an approximate 40 per cent of market share. Universal Underwriters has maintained its own brand identity since it was acquired by Zurich in 1982. For the year ended December 31, 2004, Universal Underwriters generated $1.5 billion in gross written premiums. James Schiro, CEO of Zurich Financial Services, said that the unit no longer fits with ZFS’ core business model in the US.