Zurich, December 1, 2010 – Zurich Financial Services Group (Zurich) announced today that its 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 transaction marks a milestone for Zurich as it accelerates the expansion of its operations in the Middle East, by providing market leading 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.
The transaction was first announced on October 11, 2010.
Zurich Financial Services Group (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. It employs approximately 60,000 people serving customers in more than 170 countries.