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Zurich firm takes stake in British insurer

Zürich Financial Services is expanding in Britain, with the takeover of the distribution operations of a leading British insurance company, Abbey Life.

This content was published on February 1, 2000 - 11:10

Zürich Financial Services is expanding in Britain, with the takeover of the distribution operations of a leading British insurance company, Abbey Life.

The deal is worth SFr208 million, a spokesman for the company said in Zürich. The British subsidiary of the company has carried out the takeover.

The move will mean the creation of the biggest distribution network in Britain, according to the spokesman. The integration of Abbey Life's distribution channel should come into effect by March.

Abbey Life has a staff of 1,350 independent advisers and 165 sales managers.

The group to which Zürich Financial Services belongs is shortly expected to announce an even bigger deal in Britain. According to media reports, the company is mounting a bid to buy the Royal Sun Alliance insurance company.

From staff and wire reports

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