Zurich Financial Services, on Tuesday, said that it has being transferring bulk of its general insurance portfolios in Italy, Spain and Portugal to its Ireland unit in order to rationalize its European Union business. The transfer will help in simplifying the legal structure of the company as well as in improving the capital management.

In a statement, the Swiss-based Corporation said that the carry-over of the insurance portfolios is effective as on January 1.

Spain and Portugal have announced that they are going to bid jointly to host the FIFA World Cup in 2018 or 2022.

The delegates from the two nations in the leadership of Angel Maria Villar and Gilberto Madail, the presidents of the two countries' Football Associations have handed their proposal to the Joseph Blatter, FIFA president, and General Jerome Valcke, FIFA Secretary, in Zurich.