logo
Plus   Neg
Share
Email

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Video streaming giant Netflix announced plans to significantly increase its investment in France with 20 new French productions, and partnerships with leading French creative institutions. Netflix on Monday opened its new headquarters in France, located in the heart of Paris. Netflix France currently... Toyota Motor Corp. has invested $394 million in U.S. electric air-taxi startup Joby Aviation as lead investor in the recent $590 million Series C financing. Toyota said it is continuing to leverage emerging technologies to provide "Mobility for All" as the lead investor as part of its transformation into a mobility company. As the world is facing severe consequences of increasing carbon emissions, Microsoft has announced various plans to tackle the issue. The company aims to reduce its own carbon emissions by more than half, and to be carbon negative by 2030. This means the company will remove more carbon than it emits each year. The company further announced a new $1 billion Climate Innovation Fund.
Follow RTT
>