Zurich Financial Services Group said its subsidiary Z?rich Beteiligungs-AG has signed an agreement to acquire car warranty insurer Real Garant Versicherung AG. Terms of the deal were not released.
The transaction is expected to close during fourth-quarter 2007 subject to regulatory approvals.
Real Garant provides car warranty insurance in Germany with a premium volume of $65 million in 2006.
Real Garant, headquartered near Stuttgart, offers warranty insurance coverage for new and secondhand cars. It has 76 employees and its policies are mainly distributed through a network of approximately 4,000 car dealers. Besides its major market in Germany, Real Garant is also present in Belgium, Austria and Spain.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.