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Report: Zurich eyeing sale of US life insurance business

Zurich Insurance Group AG is considering a divestiture of its Chicago-domiciled U.S. life insurance business Zurich American Life Insurance Co., The Insurance Insider reported.

Market sources said the subsidiary could be valued at approximately $500 million, according to the report. Barclays is an adviser for the sale process.

Zurich Insurance's North American life insurance book includes Zurich American Life Insurance Co. of New York, but it is not clear whether the life insurer is included in the deal.

Zurich Insurance and Barclays declined to comment.