ZURICH Group will unveil the new name and commence the rebranding of Malaysia Assurance Alliance Bhd (MAA) on April 30.
MAA's newly appointed chief executive officer, Chee Cheong, said the rebranding exercise, including the renovation of all 39 branches nationwide, would be completed by the third quarter of the year.
The new name was supposed to be unveiled on March 26 but was postponed due to the sheer size of the exercise.
"The whole rebranding exercise will cost millions of dollars," said Chee at a media briefing here yesterday.
On April 30, the Swiss insurance giant will have its logo and the new name splashed on a 40 ft by 130 ft sign above what is now known as Menara MAA, here.
It is learnt that the rebranding exercise, which will include a media blitz that starts next month or in June, is funded directly by Zurich.
Chee denied that the delay was a result of any directive by Bank Negara Malaysia to resolve Zurich's dual ownership issue with MCIS Zurich Insurance Bhd.
To recap, Zurich will have to relinquish its 40 per cent stake in MCIS Zurich after buying composite insurer, MAA, for RM344 million on September 30 last year.
According to Chee, Zurich is in the process of resolving its shareholdings issue with Koperasi MCIS.
"The situation MCIS Zurich is to be resolved at the shareholders level. Zurich is working on the solution."
Chee added that the situation with having two insurance entities was unique but not sustainable in the long term.
"I leave it to the powers that be to decide what to do," Chee said when pressed on what options Zurich might be considering in regards to its position in MCIS Zurich.
Zurich, it is understood, has several options to consider now that it has acquired an alternative licence and gained control of MAA.
It may merge MAA with MCIS Zurich and retain management control of the enlarged entity, or sell MCIS Zurich and transfer its business and expertise to MAA.