by Gill Montia
Story link: Zurich completes Libanaise acquisition and outlines global targets
Zurich has announced that subsidiary Zurich Insurance Company Ltd has completed the acquisition of 99.99% of Compagnie Libanaise D’Assurances SAL, a privately-owned Lebanese insurer with branch operations in the United Arab Emirates, Kuwait and Oman.
The group describes the transaction as a “milestone”, allowing it to provide market-leading products to personal and commercial customers in four important markets, while at the same time complementing its existing general insurance presence in Bahrain and the Dubai International Financial Centre.
Zurich is also holding an Investors’ Day today, at which it will present various targets including its intention to become a top five European-based insurer for global life, by new business value (NBV).
The group expects to generate 30% of NBV from Asia-Pacific & Middle East and Latin America, by 2013.
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