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Zurich, CNA Sell Latin American Units

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NU Online News Service, March 25, 7:28 p.m. – Zurich Financial Services Group, Zurich, and CNA Financial Corp., Chicago, have both announced the sale of operations in Latin America.

? Zurich is selling Zurich Afore S.A. de C.V., its private pension operation in Mexico, to Principal Financial Services Inc., Des Moines, Iowa.

Principal hopes to merge Zurich Afore with its own Mexican pension company, Principal Afore S.A. de C.V., Principal says.

Zurich Afore has about 800,000 private pension customers, and Principal Afore’s business has about 1.4 million customers.

Completing the deal, which is subject to approval by Mexican regulators, deal will give Principal an 8.2% share of the Mexican private pension market, Principal says.

? CNA’s life and group unit is selling CNA Holdings Ltd., the holding company for its Chilean life insurance business, to Consorcio Financiero S.A., Santiago.

The CNA unit in Chile, which owns CNA Chile Compania de Seguros de Vida S.A. and Sociedad Parque de Punta Arenas S.A., has 10,700 customers and an independent brokerage system.

The values of the Zurich and CNA deals were not disclosed.