ZURICH, March 27 Zurich Insurance has
no plans at the moment to raise capital, a spokesman said on
Monday after Italian paper Il Sole 24 Ore reported the Swiss
insurance group could issue new shares worth up to 20 percent of
its current market capitalisation.
"As mentioned several times since last November, Zurich's
strategy will deliver earnings and dividend growth without the
need to pursue M&A (mergers and acquisition) activities. We do
not need M&A to deliver on our financial targets," the spokesman
said in an emailed statement.
"The proposed change to the authorised and contingent
capital is an overall and comprehensive proposal to provide the
board with more flexibility with regard to capital raising."
(Reporting by Brenna Hughes Neghaiwi; Writing by Joshua
Franklin; Editing by Michael Shields)