Zurich acquires Kono Insurance Limited
On 27 October 2015, Zurich announced the acquisition of Kono
Insurance Limited (Kono Insurance), an authorized general
business insurer in Hong Kong. By adding Kono Insurance’s
expertise in construction and engineering related insurance,
Zurich will be able to strengthen its existing proposition in
Hong Kong. Kono Insurance will become a wholly owned subsidiary
of Zurich, subject to regulatory approval.
Commenting on the acquisition, Eric Hui, Chief Executive Officer
for Zurich's General Insurance business in Hong Kong, said: "The
acquisition will enhance Zurich's existing employees'
compensation (EC) insurance offering. It is our strategic intent
to serve the construction industry with a wider range of
insurance propositions including engineering, credit,
professional indemnity, etc." Andrew Fung, Chief Executive of
Kono Insurance, commented, "Kono will benefit from Zurich's
global expertise and strong position in Hong Kong, thereby
bringing better services to our customers."
Kono Insurance is a multi-line general business insurance player
with more than 30 employees in Hong Kong. It underwrites most
classes of general business insurance, with a particular focus
on construction and engineering related insurance. Zurich's
General Insurance business and its EC portfolio in Hong Kong
rank second in the overall general insurance market and EC
market respectively in 2014 in terms of Gross Written Premiums.*
*Source: Office of Commissioner of Insurance, 2014
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