Zurich has announced that they have completed an acquisition which will strengthen their business in Asia Pacific.
The international insurer has completed a deal for MAA Takaful Berhad (MAAT), a leading provider of Takaful products in Malaysia, from MAA Group Berhad and Solidarity Group Holding BSC.
The deal will see Zurich pay approximately US$134.6 million (MYR 525 million) as the international insurer sees MAAT’s product range, alongside the existing insurance operations of Zurich in Malyasia will give customers a full suite of products spanning Life Insurance, General Insurance, Family Takaful and General Takaful.
Philip Smith, CEO of Zurich Insurance Malaysia Berhad, said that the deal is a significant step for the business in the country.
“The acquisition of MAAT marks a significant milestone for Zurich in Malaysia,” Smith said.
“It will enable Zurich to enter a new customer segment with a different range of products. This segment has great growth potential and 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, underpinned by the technical and servicing expertise in the wider Zurich Group.”
Salim Majid Zain, CEO of MAAT, said that the combination of Zurich with MAAT’s local knowledge will see the business grow.
“Combining Zurich’s international expertise, global brand and financial strength with MAAT’s local market talent will benefit all of our stakeholders,” Zain said.
Both our existing and future customers will continue to receive the highest standards for service and solutions we have become known for.”
Stuart A. Spencer, Zurich General Insurance CEO for Asia Pacific, stressed that the Takaful market in Malaysia is growing at a fast pace.
“Acquiring MAAT’s local knowledge and Takaful expertise will enable Zurich to help meet the growing demand for Takaful products in Malaysia,” Spencer said.
The deal will not affect existing Takaful certificate holders as Zurich will continue to service existing MAAT customers with all obligations honoured until the end of their term.
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