Insurer in discussions to buy Liberty’s business in Ireland, Spain and Portugal
It would catapult Zurich into the position as the second-largest motor and general insurance provider in the Republic, behind Axa. It is not clear, however, whether the discussions are exclusive.
The Swiss group’s business operating profit rose 12 per cent last year to $6.45 billion , the highest since 2007, it said on Thursday. Mr Quinn noted that the company’s financial targets out to 2025, including a goal of compound organic earnings per share growth of 8 per cent, explicitly do not include any effects of acquisitions.
Boston-based Liberty Mutual entered the Irish market in 2011 by taking over the main businesses of Quinn Insurance, which had fallen into administration a year earlier after a large hole was discovered in its balance sheet. Zurich was among the shortlisted bidders that had circled Quinn Insurance at the time.
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