(Bloomberg) -- Zurich Insurance Group AG has started a process to sell its units in South Africa and Morocco as it works toward turning around its money-losing insurance operations, according to people familiar with the matter.
Zurich is working with financial advisers on the sale of the units, said the people, who asked not to be identified because the talks are private. No agreements have been reached, and the insurer may also decide against a sale, the people said.
Zurich is undergoing a strategic review to reshape its general insurance business after getting hit with unexpectedly high claims. The company abandoned a high-profile takeover bid for RSA Insurance Group Plc and is revamping its top management, bringing in new Chief Executive Officer Mario Greco.
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