Zurich Insurance Group (Zurich) today announced that following its acquisition of MAA Takaful Berhad (MAAT), one of Malaysia’s leading Takaful providers, on 30th June 2016, MAAT has now been renamed to Zurich Takaful Malaysia Berhad (ZTMB) effective yesterday.
Salim Majid Zain, Chief Executive Officer of ZTMB, explained that the integration of ZTMB into the Zurich process commenced on 1st July 2016, as soon as MAAT officially became part of the Group. “We are extremely excited to be part of the Zurich family, a group that operates on a truly global basis. Our next step is to combine ZTMB’s strong reputation, local market knowledge and capability with Zurich’s international brand together with its resources as well as expertise. The full transition to the Zurich brand will be implemented over the coming months and completed in 2017.”
Zurich is uniquely positioned within Malaysia as it now offers a full range of Insurance and Takaful solutions covering both conventional products of Life and General Insurance as well as Family Takaful and General Takaful; all under a single brand.
ZTMB provides Zurich with appropriate licenses, products and infrastructure to enter the Takaful market. It enables Zurich to access new customer segments with a different range of product suite, in response to the growing demands of this segment and the great growth potential which the local Takaful market has to offer.
“For Zurich to fully realize its potential in Malaysia and achieve the market share that it aspires to, we must be able to provide attractive solutions to customer needs right across the country; particularly in providing them with the necessary products to protect themselves and their assets. Through ZTMB and its sister company,
Zurich Insurance Malaysia Berhad (ZIMB), we are confident that we are able to provide our customers with a wide range of Insurance and Takaful solutions across multiple customer segments. The two companies will tap into synergies and complement each other, while leveraging on Zurich’s global expertise to broaden and deepen the solutions available to meet the diverse needs of our customers,” said Philip Smith, Executive Director of ZTMB and Chief Executive Officer of ZIMB.
The company name change does not affect existing certificate holders and all terms and conditions will continue to be honored until the end of the term of these certificates. The company will continue to operate through its current network of branch offices across Malaysia and customers will continue to be served by their respective ZTMB agents or brokers.