Kono Insurance is a multi-line general business insurance player with more than 30 employees in Hong Kong, which has a particular focus on construction and engineering related insurance.
Stuart Spencer, chief executive officer for Zurich General Insurance Asia Pacific said the acquisition would enable Zurich to boost its services for Hong Kong’s robust construction industry by offering a more comprehensive suite of insurance packages.
Zurich’s has been in Hong Kong since 1961 where it offers a range of general insurance and life insurance products and solutions for individuals and companies, catering to their insurance, protection and investment needs.
The Hong Kong acquisition follows a recent decision by the insurer to sell its entire network of financial advisers in Singapore to the Nexus Group, which was announced last month.
The move to get rid of its 160-strong team of tied agents in the city state was said to be due to the impact of local regulatory reforms, and was described by Zurich as part of its on-going efforts to align itself better to meet the needs of its customers, distributors and the local market.