Zurich expands in Middle East with Lebanese acquisition
Zurich has agreed to acquire 99.98% of Compagnie Libanaise D’Assurances SAL, a privately-owned Lebanese insurer with branch operations in the United Arab Emirates (UAE), Kuwait and Oman.
Established in 1951 and headquartered in Beirut, the firm provides general insurance solutions to retail and commercial customers in the UAE, Kuwait, Oman and Lebanon, plus individual and group life insurance solutions to customers in Lebanon.
At the end of 2009, Compagnie Libanaise had gross written premiums of $49.1 million and net income after tax of $5.1 million.
The acquisition will leave Zurich in a position to offer its full product range to customers and distribution partners in new markets and the group’s chief executive officer Middle East, Saad Mered, describes the move as a “milestone”.
He explains: “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; through which we are already delivering tailor made insurance solutions to large corporate customers.”
Subject to the approval of the relevant regulatory authorities, the transaction is expected to close in the fourth quarter of 2010.
Category: Insurance News, Zurich News
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