Zurich sells two insurance units

Zurich is selling its Moroccan and Taiwanese insurance businesses. Allianz will be purchasing the Taiwanese unit for $347.9 million while car vendor Hotai Motor will be purchasing the Taiwanese insurance business for $198 million, making it the second Taiwanese car vendor to own its own insurance business. Another similar player is Yulon Group, which established Tokio Marine Newa Insurance back in 1999 and now holds a ~10% market share.