Zurich has made clear its commitment to moving into its new Australian headquarters, which it has put up for sale.

The decision caps a number of recent moves around Sydney by leading insurers.

A spokesman told insuranceNEWS.com.au Zurich “remains strongly committed to its North Sydney presence and tenancy at 118 Mount Street, which will become its purpose-built Australian HQ from late 2020.”

Construction of the 25-storey tower on the site of the former Zurich HQ started in May.

“Any sale will be dependent on both the level of market interest and ratification of the board of Zurich Insurance Group,” the spokesman said.

Local media reports say the tower could fetch more than $300 million.

Meanwhile, QBE has reportedly signed an agreement to move its Australian and global headquarters in 2020 to the present IAG House at 388 George Street in Sydney’s central business district.

A spokesman declined to comment on the move when contacted by insuranceNEWS.com.au.

IAG is moving to 33,000 square metres in the low and mid-rise floors of Darling Park Tower 2, close to Darling Harbour in the inner city. The group’s Sydney staff are at present scattered across three buildings in Sydney. The move is expected to be completed soon.

The leaseholding has been vacated by PricewaterhouseCoopers, which has moved to the nearby Barangaroo South project, where Marsh, Suncorp and a number of smaller insurance companies have already relocated.

Allianz is also relocating its Sydney headquarters, having announced a few months ago that it plans to move in 2020 to Wynyard Place, a 27-storey building under construction at 10 Carrington Street in the CBD.