Multi-line insurer Zurich has signed an agreement to acquire Hong Kong-based Kono Insurance, in a bid to expand its presence in the region.

Kono is an authorized general business insurer in Hong Kong, which will add to Zurich with expertise in construction and engineering related insurance.

With around 30 employees, Kono Insurance is a multi-line insurer that underwrites most classes of general business insurance.

Zurich Hong Kong general insurance business CEO Eric Hui said: "Kono Insurance has a strong team with underwriting discipline and claims competence in construction related insurance.

"It is our strategic intent to serve the construction industry with a wider range of insurance propositions including engineering, credit, professional indemnity, etc."

Kono Insurance chief executive Andrew Fung said: "This next chapter in Kono is an exciting time for our team. Kono will benefit from Zurich’s global expertise and strong position in Hong Kong, thereby bringing better services to our customers."

Subject to regulatory approval, Kono Insurance will become a wholly owned subsidiary of Zurich.

With around 55,000 employees, Zurich Insurance Group provides a broad range of general insurance and life insurance products and services in around 170 countries.

The firm’s customers comprise of individuals, small businesses, and mid-sized and large companies, including multinational corporations.