Switzerland’s Zurich Insurance Group has begun its CHF1.8bn ($1.89bn) share buyback programme for capital reduction purposes.
In August 2022, the insurer said it plans to repurchase maximum shares of 4.15 million or a maximum of 2.76% of Zurich’s registered share capital.
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The programme is planned to run until 29 December 2023.
Meanwhile, in a separate announcement, Zurich is set to move its European Economic Area holding company from Ireland to Germany, Reuters reported last week citing the company’s European division head.
The decision to shift Zurich Insurance Plc, which follows Britain’s exit from the European Union, is expected to impact 110 jobs, Zurich EMEA CEO Alison Martin told the news agency.
Martin added: “As a group, we are always looking for opportunities to simplify.
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By GlobalData“With Brexit happening, and with the UK leaving this structure,…Germany will then become by far the largest business that we have within Zurich Insurance Plc.”
However, a decision has not been made whether Zurich Insurance Plc will move to the insurer’s Frankfurt or Cologne office. The transfer is expected not before 2024.
The latest decision does not impact Zurich’s domestic Irish insurance business that has about 1,100 employees.
Martin said that employees in Dublin working for Zurich Insurance Plc would be consulted prior to the transfer of the holding company.
