May 30, 2003
Zurich Financial Services Group announces plans to sell half of Zurich Life to Bank One Corp. for $500 million.
On May 30, Willkie client Zurich Financial Services Group announced plans to sell half of Zurich Life to Bank One Corp. for $500 million. Bank One will acquire term life insurance, fixed and variable annuities, universal life and business-owned life insurance products from Zurich. It will also take over Zurich Life’s direct-to-customer distribution channels and its independent distribution agents. The June 2 Wall Street Journal reported that the deal has bolstered the prospects of both companies, pushing Zurich closer to raising its target of $1 billion in risk-based capital. The June 2 Daily Deal and June 5 New York Law Journal noted that Thomas Cerabino, Leah Campbell and Julie Coleman advised Zurich on the deal.
