November 28, 2019 / 6:53 AM / 14 days ago

Zurich completes acquisition of Indonesia's Adira Insurance

FILE PHOTO: The logo of Swiss Zurich insurance is seen at an office building in Zurich, Switzerland October 2, 2018. REUTERS/Arnd Wiegmann

ZURICH (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 2018, and is part of Zurich’s plan to expand in growth markets.

(This story corrects date when deal was announced in third paragraph)

Reporting by John Revill, editing by Riham Alkousaa

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