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Letter to the Editor
Monday July 16
Zurich Purchases Nationwide's Neckura Holding AG German Operation
COLUMBUS, Ohio -- Zurich Financial Services Group extended its insurance operations in Germany as it agreed to buy car insurer Neckura Holding AG from the U.S. insurance group Nationwide Mutual Insurance Co.
Zurich's German unit, Zurich Group Germany, did not say how much it paid for the insurer, which has about $190 million in annual premiums, mostly from motor insurance.
The sale of Neckura, based in Oberursel, Germany, is subject to German regulatory approval.
"Nationwide is selling Neckura because Nationwide's focus in its overseas operations is to emphasize its retirement and long-term savings products," said Richard Headley, managing director of Nationwide's holding company for its international operations.
"This step will strengthen our position in the German market," said Heinrich Focke, CEO for Zurich's northern European operations, in a statement. It will build up Zurich's German client base to about 2.5 million, he said.
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