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ZURICH, Switzerland (AP) - Zurich Financial Services AG Monday said it will sell its wholly owned Universal Underwriters Group to a consortium of investors led by San Francisco-based private equity firm Hellman & Friedman LLC.
Zurich Financial said the transaction is valued about $1.1 billion and is subject to regulatory approval.
Universal's business model is no longer in line with Zurich's model and brand in North America, the Zurich-based insurer said.
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