FILE PHOTO: The logo of Swiss Zurich insurance is seen at an office building in Zurich, Switzerland October 2, 2018. REUTERS/Arnd Wiegmann
ZURICH - Zurich Insurance has completed the acquisition of Adira Insurance, it said on Thursday, a deal which makes the Swiss company the largest international property and casualty insurer in Indonesia. Zurich has bought 80% of the company from Bank Danamon and a minority shareholder, it said. Adira generated gross written premiums of $170.4 million in 2018.
The deal, worth at least around $414 million, was originally announced in September 2018, and is part of Zurich’s plan to expand in growth markets.