ZURICH FINANCIAL SERVICES MAKES SPANISH BUY

Swiss insurer Zurich Financial Services has agreed to buy a half stake in Spain-based Can Soluciones Integrales in order to increase Zurich’s distribution capacity in Spain. Zurich will pay about $71m to Caja de Ahorros y Monte de Piedad de Navarra, plus an “earn-out” component of up to $63m, dependant on the future performance of the jointly-owned operation. Zurich said that Can Soluciones Integrales would have an exclusive agreement with Caja Navarra for the distribution of general insurance products.