Global insurer Zurich has proposed a modest name change to reflect its core business.

From March 29, Zurich Financial Services will be no more, replaced by the new title “Zurich Insurance Group”.

The company says the new moniker better reflects the company’s strategic focus.

“Zurich has streamlined its business portfolio to concentrate on insurance,” the group said in a statement.

“In recognition of this strategic focus, the board of directors proposes to replace the reference to financial services in the company name by indicating the insurance activity of the group instead and to specify the purpose accordingly.”