Zurich completes acquisition of Indonesia's Adira Insurance

Credit: REUTERS/ARND WIEGMANN

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, Nov 28 (Reuters) - Zurich Insurance ZURN.S 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 BDMN.JK 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, and is part of Zurich's plan to expand in growth markets.

(Reporting by John Revill, editing by Riham Alkousaa)

((John.Revill@thomsonreuters.com; +41 58306 7022; Reuters Messaging: john.revill.thomsonreuters.com@reuters.net))

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