Chubb gets renewal rights on Zurich personal lines book

Following the announcement of a “swap” deal between Zurich and ING, which saw Zurich’s personal lines and small commercial books head to ING, Chubb Canada is announcing it has acquired the renewal solicitation right to Zurich’s non-auto personal lines. The “Preeminence” book is targeted to high-net-worth clients in Ontario, Quebec and B.C.
“This transaction will further strengthen Chubb’s position as the number one provider of property and casualty insurance to high-net-worth families and individuals in Canada,” says Chubb Canada president and CEO Janice Tomlinson.
Chubb is taking over the administration of the book, while Zurich will be responsible for processing claims until the policies expire. As Zurich policies expire, Chubb will assess those polices against its own underwriting guidelines and offer quotes on those which qualify. Chubb expects it will quote on “the vast majority” of the policies.
Chubb also plans to hire eight of Zurich’s employees to manage the transition, and will take over ownership of the policy information system involved.