Insurer Zurich to quit the UK as it plans assurance base in Dublin
Wed, 16 Jun 2010
Zurich Financial Services is engaged in talks with the UK financial watchdog as it looks to centralise its European life assurance operations outside the UK.

It is understood that Zurich is planning the creation of a single headquarters for the European arm of the operation in Dublin . Senior officials at the insurer have met with the Financial Services Authority (FSA) to discuss the affect that such a move would have on its £35bn life assurance business in the UK.

The group said it "continues to explore ways to streamline its legal structure and optimise its capital efficiency", but added that "no decisions about how this will be achieved within our life businesses" had yet been taken.

The UK business would in effect become a branch of the central office in Dublin if the plan goes ahead. It is understood that there would be little change to its operations in Swindon and Cheltenham and it would still pay UK tax .
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