Turkish insurer TEB Sigorta to become Zurich Sigorta
Zurich. – Zurich Financial Services Group (Zurich) announced today that TEB Sigorta A.S. is now operating under the global Zurich brand and the registered name Zurich Sigorta A.S. The rebranding and renaming signals Zurich’s commitment to this operation and to the Turkish market and is in line with Zurich’s global “One brand, one Zurich” strategy.
Zurich completed the acquisition of 100 % of general insurer TEB Sigorta A.S. in March 2008. TEB Sigorta, one of the fastest growing and most profitable general insurance companies in Turkey with a strong focus on bancassurance, has already started to implement The Zurich Way best practice approaches in all relevant core business activities such as underwriting, distribution and claims.
Lutz Bauer, CEO of Central and Eastern Europe, which encompasses the Turkish unit, said, “We are excited to launch the Zurich brand in the Turkish market. The in-depth understanding of the local insurance sector that our team in Turkey has, combined with Zurich’s global capabilities and the access to our global platforms, positions Zurich Sigorta ideally to even better serve its customers in Turkey and to capitalize on the attractive profitable growth opportunities in this fast growing market.”
Ertugrul Bul, CEO of Zurich in Turkey, said, “The move to Zurich Sigorta is much more than a simple name change. While the existing trusted relationships with our customers and partners will remain, operating as Zurich Sigorta gives us many opportunities. Our business partners, customers and employees will value the sense of security and stability that the Zurich name gives and this enables us to compete more effectively in the Turkish market.”
The Zurich brand is being launched in Turkey with a major national advertising brand campaign starting in September 2008 to communicate the change of name and to raise awareness of what Zurich Sigorta can offer to business partners and customers throughout Turkey.
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