Zurich Insurance Co Ltd has bought MAA Takaful Berhad (MAAT) from MAA Group Berhad and Solidarity Group Holding BSC for RM525 million. A statement issued by Zurich Insurance Co said about RM400 million was paid at the closing of the transaction and that the balance would be paid on the third anniversary after the closing.
This, it said, was in accordance with the terms and conditions of the share purchase agreement and subject to certain adjustments.
Insurance Journal reported that the combination of MAAT’s range of products and Zurich’s existing insurance solutions would enable it to provide customers in Malaysia a full suite of insurance products and solutions spanning life insurance, general insurance, family takaful and general takaful.
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