SWISS insurer Zurich Insurance Company Ltd has bought MAA Takaful Bhd (MAAT) from MAA Group Bhd and Solidarity Group Holding BSC to expand its insurance and takaful business in Malaysia.
With the combination of MAAT’s range of products and Zurich Insurance Group’s (Zurich) existing insurance solutions, customers can look forward to a full range of insurance products and solutions spanning from life insurance and general insurance to family takaful and general takaful.
Zurich Insurance Malaysia Bhd chief executive officer Philip Smith said this move marked a significant milestone for Zurich in Malaysia.
“By combining the strengths and capabilities of both Zurich and MAAT, we will be able to provide a wide range of insurance and takaful solutions across multiple customer segments, supported by the technical and servicing expertise in the wider Zurich Group,” Philip said.
In the statement, it said the acquisition cost RM525mil and about RM400mil was paid at the closing of the transaction.
The remaining amount will be paid on the third anniversary after the closing in accordance with the terms and conditions of the Share Purchase Agreement and subject to certain adjustments.
MAAT chief executive officer Salim Majid Zain said combining Zurich’s international expertise, global brand and financial strength with MAAT’s local market talent would benefit its stakeholders.
“Both our existing and future customers will continue to receive the highest standards for service and solutions we have become known for,” he said.
The transaction will not affect existing takaful certificate holders, and the company will continue to service existing MAAT customers and their certificates will remain valid with all obligations honoured until the end of their term.
Zurich Insurance Company Ltd is a
subsidiary of Zurich, a leading multiline insurer that serves its customers in global and local markets in more than 170 countries.