Last week Zurich announced the sale of Zurich Life, part of its US life and annuity operations, to Bank Corporation One.
he group further announced that its activities in France would in future focus on the non-life corporate segment, with the sale of all life operations in France, as well as parts of the non-life consumer and commercial segments.
ast month Zurich International Life, based in the Isle of Man, pulled out of five South American markets and has since stopped taking business from South African residents, according to International Money Marketing magazine.
lan Tidy, the managing director of the Castle Street office, said the Jersey branch mainly focused on trust and company business and was not affected by the recent group changes.
We got out of the agency business last year,’ he said.
‘We do have a distribution office, to support local Independent Financial Advisors, but our trust business is on the corporate side.
It is a huge restructuring for Zurich, but the local office is not affected.
In fact we’re going from strength to strength.
Last year Zurich’s Guernsey trust operation was transferred to Jersey, following the introduction of amendment 6 to the Companies Law.
The firm has scaled down its workforce of 40 and now employs 18 staff in Jersey and four in Guernsey.