Zurich to Buy Majority Stake in Indonesian Insurer Adira for Over $400 Million
September 27 2018 - 2:05AM
Dow Jones News
By Alberto Delclaux
Zurich Insurance Group AG (ZURN.EB) said Thursday that it will
buy an 80% stake in Indonesian insurer Asuransi Adira Dinamika for
6.15 trillion Indonesian rupiah ($411 million).
The Swiss company said it reached two long-term strategic
cooperation agreements with Bank Danamon Indonesia (BDMN.JK), which
will hold the remaining 20% stake, and Adira Finance, which
provides motorcycle and car financing.
Asuransi Adira generated gross written premiums of $158 million
in 2017, Zurich said.
The deal, which includes potential future payments subject to
business performance, is expected to close within the next six
months, Zurich added.
Write to Alberto Delclaux at alberto.delclaux@dowjones.com
(END) Dow Jones Newswires
September 27, 2018 01:50 ET (05:50 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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