Zurich Financial Services Group announced today that it has sold 100 percent of the share capital of Claims Management Group Limited (CMGL) to Sovereign Capital Partners LLP and the management of CMGL. “The parties agreed to keep terms and conditions confidential,” said the announcement. It also indicated that the transaction had received the requisite regulatory approvals, and was both signed and closed on August 31, 2005.
“After the sale, CMGL will continue to manage insurance and reinsurance portfolios on behalf of Zurich,” the announcement continued. “CMGL is a major provider of outsourced claims management and insurance administration services to London Market companies, Lloyd’s syndicates, large corporates and general insurers. For the fiscal year ended December 31, 2004, CMGL earned total revenue of approximately 41 million pounds [$75 million] on a UK GAAP basis.”
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