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Zurich Insurance Completes Acquisition Of 80% Of Adira Insurance

Zurich Insurance Group (ZURVY), a multi-line insurer that serves its customers in global and local markets, has completed the acquisition of 80 percent of PT Asuransi Adira Dinamika (Adira Insurance) in Indonesia. The business was acquired from PT Bank Danamon Indonesia (Bank Danamon) and a minority stakeholder. Bank Danamon will continue to hold a stake in Adira Insurance close to 20 percent.

"Indonesia's growing economy, rapidly expanding middle class and low insurance penetration present great opportunities," said Jack Howell, CEO of Asia Pacific and member of Zurich's Executive Committee.

Adira Insurance recorded gross written premiums of $170.4 million in 2018.

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