An insurance giant has made a deal with a Taiwan-based auto distributor - owned by one of the wealthiest families in the world.
Hotai Motor, which is the auto distributor for Toyota in the region, and is led by one of the richest families on the island, is set to buy out the non-life insurance business of
Zurich Insurance in the area, according to a report at Central News Agency.
It is expected that the company will pay around $198 million for the business – approximately £136 million – and most notably the deal will allow the car maker to offer insurance premiums at lower prices to its consumers in the future.
The Huang family in Taiwan featured on the Forbes Rich List for the island and have an estimated fortune of $890 million.
Now the question is – could similar deals be struck elsewhere and see car manufacturers stamp their authority on to the world of motor insurance?
Related Links:
Zurich closes RCIS acquisition
Global reinsurer reports mixed results
