Zurich Insurance Group has agreed to acquire an 80% stake in Indonesian insurer Asuransi Adira Dinamika (Adira Insurance) in a deal worth IDR6.15trn ($414m).

Zurich bought the Adira stake from Bank Danamon Indonesia as well as a minority investor.

The remaining 20% stake is with Bank Danamon following completion of the deal. Moreover, the deal will close in the next six months.

Terms and agreements

The deal includes two separate long-term cooperation agreements with Bank Danamon and auto financing solutions provider Adira Finance.

At the same time, it also includes potential future incremental payments based on business performance.

The acquisition, pending regulatory nod, will make Zurich the largest foreign property and casualty insurer in Indonesia.

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Zurich CEO for Asia Pacific Jack Howell said: “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 and is an excellent opportunity to expand our regional business, enabling more customers to fulfil their insurance needs.

“We are excited to join forces with Bank Danamon and Adira Finance. Both are well-established brands and have an extensive distribution network.”

Adira Insurance, set up in 1996, reported gross written premiums of $158m last year.