Zurich Acquires Real Garant Versicherung

Zurich Financial Services Group has announced that its subsidiary Zurich Beteiligungs has signed an agreement to acquire car warranty insurer Real Garant Versicherung.

Zurich will buy Real Garant from ADAC-Schutzbrief Versicherungs with retroactive effect as of January 1, 2007. The parties have agreed not to disclose the purchase price. Subject to the approval of the relevant antitrust authorities, the transaction is expected to close in the fourth quarter 2007. The German financial supervisory authority BaFin has already given its approval.

Annette Court, Zurich's CEO for Europe general insurance, said: "In line with our profitable growth strategy this acquisition expands our market presence in motor insurance and ideally complements our product range in an attractive specialty market. Combining Real Garant's successful business model with our established The Zurich Way best-practice approaches will allow us to progressively expand into other markets and thus better serve our car insurance customers throughout Europe."