Zurich acquires Ascent Underwriting Managers to support future growth

Zurich Insurance Company South Africa, a subsidiary of the Zurich Insurance Group, today announced that it will acquire 100% ownership of Ascent Underwriting Managers Proprietary Limited.

This development is the culmination of talks that began early in 2014 and further supports the development of the company’s hospitality division, which was established following the acquisition of BnB Sure last year.

Edwyn O’Neill, Chief Executive Officer of Zurich commented: “The acquisition provides a host of opportunities for Zurich. It will further strengthen our business and customers will benefit from access to Zurich’s global capability and Ascent’s expertise in managing tourism, hospitality and entertainment risks.”

“Ascent will add value to Zurich through its integrated expertise and experience in underwriting these vibrant sectors, whilst enhancing its current product scope to its brokers and customers with the security and professionalism that is available from a Southern African based, global insurer,” said Ascent‘s Managing Director, Paul Halley.