Zurich Financial Services Group announced today that its subsidiary, Zurich Insurance Company Ltd, has completed the acquisition of 99.99 percent of Compagnie Libanaise D’Assurances SAL, a privately owned Lebanese insurer with branch operations in the United Arab Emirates, Kuwait and Oman.
The acquisition agreement was first announced on October 11, 2010.
Zurich said the “transaction marks a milestone for Zurich as it accelerates the expansion of its operations in the Middle East, by providing market leading products to personal and commercial customers in four important markets, and complementing the existing general insurance presence in Bahrain and the Dubai International Financial Centre.”
Source: Zurich Financial Services
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