By NST Business
KUALA LUMPUR: Zurich Insurance Malaysia Bhd has transferred its general insurance business to a newly-incorporated entity, Zurich General Insurance Malaysia Bhd (ZGIMB), effective January 1.
Zurich said the transfer covers employees, assets and liabilities, distributors and contracts under the general insurance business.
Zurich former president of General Insurance David Fike has been appointed the chief executive officer (CEO) of ZGIMB.
There are no changes to the terms and conditions of the general insurance policies previously issued by Zurich.
From January 1 onwards, Zurich said all claims incurred from existing and new general insurance policies will be managed by ZGIMB.
“To reflect the new structure and scope of the company as well as to ensure clarity to its customers, Zurich has been renamed to Zurich Life Insurance Malaysia Bhd (ZLIMB) with Philip Smith remaining as its CEO,” it said.
There is no impact on benefits and provisions under existing Zurich’s life insurance policies as a result of the name change, it added.
Both ZGIMB and ZLIMB will continue to operate through its combined network of branches across 40 locations nationwide.
Customers will continue to receive quality service from ZGIMB and its agents and brokers, as well as brokers and sales advisors from ZLIMB.
ZGIMB was incorporated in accordance with the requirements set out under the Financial Services Act 2013, whereby an insurance company holding composite licences shall not carry on both life insurance and general insurance businesses under one single entity.