Talks to sell Zurich's Universal Underwriters Group to a private equity firm led by Hellman & Friedman were terminated when the two could not come to terms after it was revealed Zurich had had problems concerning customer overcharges.
Zurich announced the termination of the talks yesterday, saying negotiations that began in April were halted after both sides "agreed not to proceed with the sale."
In a statement, Zurich said the two ceased talks after they "were unable to complete the transaction at mutually agreeable terms."
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