Malayan taps Zurich Financial Services

The Malayan Insurance Co. Inc. (Malayan Insurance) and the Bankers Assurance Corp. (Bankers Assurance) has entered into a cooperative partner with Zurich Financial Services of Switzerland. Malayan Insurance and Bankers Assurance are members of the Yuchengco-led Malayan Group of Insurance Companies.

Incidentally, Bankers Assurance used to be known as Malayan Zurich Insurance Co. prior to the pullout of the Zurich group in the late ’90s.

As a cooperative partner of the global insurance group, Malayan Insurance will service the non-life insurance requirements of Zurich Financial Services corporate clients in the Philippines.

Likewise, Zurich Financial Services international accounts can access the facilities and infrastructure of the Philippines’ largest non-life insurance group.

"With this cooperative partnership, the Malayan Group may further solidify its market leadership and gain prestige from servicing multinational companies," William Y. Cua, chief operating officer of Malayan Insurance, and president of the Bankers Assurance Corp., said in a press statement.

The Malayan Group is the largest non-life insurance group in the Philippines. In 2005, its companies and subsidiaries generated a combined P5.633 billion in gross premiums written and total revenues of P3 billion. It is composed of the Malayan Insurance, Tokio Marine Malayan Insurance Co. Inc., the First Nationwide Assurance Corp., and Bankers Assurance. Zurich Financial Services Group is an insurance-based financial services provider with core business in general and life insurances. Founded in 1872, the group is headquartered in Zurich, Switzerland. It has a global network of subsidiaries and offices in more than 120 countries across North America, Europe, Asia Pacific, Latin America and other markets. The group wrote $46.8 billion in gross written premiums and a net income of $3.214 billion and a business operating profit of $3.9 billion in 2005.