September 27, 2018 / 5:35 AM / 3 months ago

Zurich Insurance to buy $414 mln majority stake in Indonesia's Adira

ZURICH, Sept 27 (Reuters) - Zurich Insurance is acquiring an 80 percent stake in Indonesia’s Adira Insurance from PT Bank Danamon Indonesia and a minority investor for around $414 million, the Swiss group said on Thursday.

“Zurich has earmarked Asia Pacific to be a major engine of growth for the Group, and Indonesia is a key market for us. Today’s transaction demonstrates our commitment to Indonesia,” Zurich’s Asia Pacific head Jack Howell said in a statement.

Along with the total consideration 6.15 trillion Indonesian rupiah, or roughly $414 million, there is potential for future incremental payments subject to business performance, Zurich said. (Reporting by Brenna Hughes Neghaiwi Editing by Maria Sheahan)

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