Zurich acquires Adira Insurance; becomes top international Property & Casualty insurer in Indonesia
November 28, 2019
- Zurich completes acquisition of 80% of Adira Insurance.
- Acquisition reinforces Zurich’s strategy of achieving positions of scale.
- Transaction includes long-term distribution agreements with Bank Danamon and Adira Finance.
Jakarta, November 28, 2019 – Zurich Insurance Group (Zurich) has successfully completed its acquisition of 80% of PT Asuransi Adira Dinamika Tbk (Adira Insurance) from PT Bank Danamon Indonesia Tbk (Bank Danamon) and a minority investor, becoming the top international property & casualty (P&C) insurer in Indonesia.
The transaction includes two separate long-term distribution agreements with Bank Danamon and PT Adira Dinamika Multi Finance Tbk (Adira Finance). Bank Danamon remains a minority shareholder in Adira Insurance.
Jack Howell, CEO of Zurich Asia Pacific, commented, “Indonesia is a key part of our Asia Pacific growth strategy as the region is becoming a more significant contributor to Zurich Group. We are delighted that Adira Insurance is now part of the Zurich family.
Through our combined strengths we are well-positioned to offer best-in-class products and services to our retail and corporate customers. Adira’s extensive network and strong customer relationships complement Zurich’s global footprint and underwriting expertise well.”
Chris Bendl, Country Manager for Zurich Indonesia and President Director of PT Zurich Topas Life, said, “This transaction is fully aligned with our growth strategy in Indonesia. As the largest international P&C insurer, we are in a great position to play an active role in the continued development of Indonesia’s insurance industry. Through Adira Insurance and our other Zurich businesses including our Life company, we are committed to helping our customers manage their risks and achieve financial success in the long term.”
For further information on this transaction, please see the announcement on September 2018.
Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. With about 54,000 employees, it provides a wide range of property and casualty, and life insurance products and services in more than 210 countries and territories. Zurich’s customers include individuals, small businesses, and mid-sized and large companies, as well as multinational corporations. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information about Zurich is available at www.zurich.com
Zurich Indonesia serves customers in the Life and P&C insurance segments through PT Zurich Topas Life (ZTL) and PT Asuransi Adira Dinamika (Adira Insurance). Adira Insurance is 80% owned by Zurich. Through a network of distributors (agents, brokers and bank partners), ZTL offers comprehensive protection and financial planning products, while Adira Insurance provides conventional and shariah based products and services.