Zurich Insurance Company, a subsidiary of Zurich Financial Services Group, has signed an agreement to acquire 99.98% of privately owned Lebanese insurer Compagnie Libanaise D’Assurances.

Established in 1951, Compagnie Libanaise D’Assurances offers general insurance solutions to retail and commercial customersh, with branch operations in the United Arab Emirates (UAE), Kuwait and Oman. It also offers individual and group life insurance solutions to customers in Lebanon.

The acquisition enables the Zurich to offer its full range of products to customers and distribution partners in these four new markets and expands its operations in the Middle East.

Zurich Middle East CEO Saad Mered said that the the acquisition will give access to personal and commercial customer segments in four important markets, and complements Zurich’s existing general insurance presence in Bahrain and the Dubai International Financial Centre (DIFC); through which we are already delivering tailor made insurance solutions to large corporate customers.

“We will combine Compagnie Libanaise D’Assurances’s deep understanding of the region with Zurich’s global expertise to deliver market leading products and servicing to customers and distribution partners,” Mered said.