Zurich Financial Services Group has said that its subsidiary Zurich Insurance Company has completed the acquisition of 99.99% of Compagnie Libanaise D’Assurances, a privately owned Lebanese insurer with branch operations in the United Arab Emirates, Kuwait and Oman.
The transaction was first announced on 11 October 2010.
The transaction marks a milestone for Zurich as it accelerates the expansion of its operations in the Middle East, by providing 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.
Zurich is an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe as well as in Asia-Pacific, Latin America and other markets. Founded in 1872, the group is headquartered in Zurich, Switzerland.