Zurich Acquires Lebanese Insurance Company
By Sergio | Published October 13, 2010
Zurich Insurance Co. Ltd., a subsidiary of Zurich Financial Services AG, the Swiss insurer, has announced the acquisition of Compagnie Libanaise D’Assurances (CLA), a privately-owned Lebanese insurance company founded in 1951 that has branches in the United Arab Emirates, Kuwait and Oman.
The headquarters of Compagnie Libanaise D’Assurances are located in Beirut. In Lebanon, CLA provides individual and group life insurance solutions, and general insurance products to retail and commercial customers in all four countries where it has a presence.
At the end of 2009 CLA achieved gross written premiums of US$49.1 million (EUR 35.2 million), with a yield on net income of US$5.1 million (EUR 3.65 million).
This acquisition marks a milestone for the expansion of operations at Zurich, and it expects to make their full insurance products range available to customers and distribution partners in the new Middle East markets where CLA is already operating. This will complement Zurich’s general insurance presence in the region, where Zurich already maintains offices in Bahrain and the Dubai International Financial Centre.
The deal is expected to be closed some time during the fourth quarter of 2010, subject to the corresponding regulatory approvals. No financial details of the transaction were released.
The Middle East continues bringing attention to other international insurance groups, as a number of them have already set a foothold through acquisitions or the opening of representative offices.
Insurance Companies mentioned:
Headquartered in Zurich, Switzerland, Zurich Financial Services Group is an insurance-based financial services provider with a network of subsidiaries and offices in North America and Europe and also in Asia-Pacific, Latin America and other markets. Zurich is one of the world’s largest insurance groups, and one of the few to operate on a truly global basis. With 60,000 employees serving customers in more than 170 countries, our business is concentrated in three business segments: General Insurance, Global Life, and Farmers.
Compagnie Libanaise d Assurances (S.A.L.) was established in the year 1951. Their paid-Up capital is LBP 22,500,000,000 (US$14.98 million) and their activities include insurance and re-insurance, withc offices in Lebanon, United Arab Emirates, Kuwait and Oman.