Zurich acquires Lebanese insurer

Zurich Insurance Company, a subsidiary of Zurich Financial Services Group, has signed an agreement to acquire 99.98 per cent of Compagnie Libanaise D’Assurances, Beirut-headquartered privately owned Lebanese insurer with branch operations in the UAE, Kuwait and Oman.

Subject to the approval of the relevant regulatory authorities, the transaction is expected to close in the fourth quarter of 2010, a statement said.

Through this transaction, Zurich will be in a position to offer its full product range to customers and distribution partners in these four new markets, the statement added.

Saad Mered, Zurich’s CEO Middle East, said: “The acquisition of Compagnie Libanaise D’Assurances marks a key milestone for us as we accelerate the expansion of our operations in the Middle East. It will give us access to personal and commercial customer segments in four important markets, and complements our existing general insurance presence in Bahrain and the Dubai International Financial Centre (DIFC).”

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