KUALA LUMPUR (Aug 2): MAA Takaful Bhd is now known as Zurich Takaful Malaysia Bhd (ZTMB), following the acquisition of the takaful unit from MAA Group Bhd by Swiss insurance company, Zurich Insurance Group Ltd (ZIG), on June 30, 2016.

Zurich Takaful chief executive officer Salim Majid Zain said following its integration into ZIG on July 1, Zurich Takaful expects to combine its strong reputation, market knowledge and capability with ZIG's international brand, resources and expertise.

"We are extremely excited to be part of the ZIG family, a group that operates on a truly global basis. Our next step is to combine Zurich Takaful'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," he said.

With the buy, Zurich Takaful would provide ZIG with appropriate licences, products and infrastructure to enter the Takaful market and achieve a larger market share, said Zurich Takaful in a statement.

ZIG would now be able 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.

ZIG offers a full range of insurance and takaful solutions that cover both conventional products of life and general insurance and family takaful, and general takaful.

"Through Zurich Takaful and its sister company, Zurich Insurance Malaysia Bhd (ZIMB), we are confident of providing our customers a wide range of insurance and takaful solutions across multiple customer segments," said Zurich Takaful executive director and ZIMB chief executive officer Philip Smith.

Zurich Takaful said the name change does not affect existing certificate holders and all terms and conditions will continue to be honoured until the end of the terms 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 Zurich Takaful agents or brokers," it said.