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Zurich Puts Off Plan For Insurance Business In India

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NU Online News Service, Sept. 20, 3:05 p.m. – Zurich Financial Services in Zurich, Switzerland will defer plans to establish new life and non-life insurance joint ventures in India, the company announced today.

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“This decision has to be seen in light of our recently announced strategy to allocate our capital to core markets in order to generate sustained profitable growth,” says James J. Schiro, chief executive officer of Zurich. The decision was “tough,” Schiro says, but was “in the interest of putting Zurich back on track of sustained and profitable growth.”