Hotai Motor to buy Zurich’s general insurance assets in Taiwan

Taiwan News
Date: 2016-06-18
By: Tien Yu-pin, Tsai Yi-chu and Frances Huang, Central News Agency

Taipei, June 18 (CNA) Hotai Motor Co., the sales agent for Japan’s Toyota Motor Corp. in Taiwan, has agreed to acquire Switzerland-based Zurich Insurance’s non-life insurance assets in Taiwan.

A board meeting held by Hotai Motor on Friday approved the deal in which the car vendor will spend NT$6.4 billion (US$198 million) to acquire a 99.73 percent stake in Zurich Taiwan’s non-life operations.

The deal will involve more than half of the NT$11.7 billion in cash Hotai Motor had as of the end of March, but because the company is financially sound and has stable income, the acquisition should not hurt the company’s finances, said Hotai Motor spokesman Hsieh Fu-lai.     [FULL  STORY]

Leave a Reply

Your email address will not be published. Required fields are marked *

I accept the Privacy Policy

This site uses Akismet to reduce spam. Learn how your comment data is processed.