Zurich Insurance Group is to acquire a leading insurer in Indonesia, which will make it the largest foreign property and casualty insurer in the country. Zurich has entered into agreements to acquire 80% of PT Asuransi Adira Dinamika from PT Bank Danamon Indonesia and a minority investor. Adira Insurance is a top ten property and casualty insurer in Indonesia.<\/p>\n
Zurich said the deal reinforces its strategy of achieving positions of scale in target markets. The acquisition includes long-term strategic cooperation agreements with two of Indonesia\u2019s leading financial institutions: Bank Danamon, Indonesia\u2019s fifth-largest bank by market capitalisation; and Adira Finance, the country\u2019s second-largest motorcycle and auto financing solutions provider. The total consideration amounts to IDR6.15trn (approximately $414m) with potential future incremental payments subject to business performance. <\/p>\n
The transaction, which is subject to regulatory approvals and other customary closing conditions, is expected to be completed within the next six months. <\/p>\n
\u201cZurich has earmarked Asia-Pacific to be a major engine of growth for the group, and Indonesia is a key market for us. This transaction demonstrates our commitment to Indonesia and is an excellent opportunity to expand our regional business, enabling more customers to fulfil their insurance needs,\u201d said Jack Howell, Zurich\u2019s chief executive officer for Asia-Pacific. \u201cWe are excited to join forces with Bank Danamon and Adira Finance. Both are well-established brands and have an extensive distribution network.\u201d<\/p>\n
Zurich explained that Indonesia is one of the world\u2019s most attractive insurance markets. It is southeast Asia\u2019s largest economy, with a strong growth trajectory and a rapidly expanding middle-class. These factors, coupled with low levels of insurance penetration, present significant upside potential for the insurance market, said Zurich.<\/p>\n
Adira Insurance generated gross written premiums of $158m in 2017, driven by a diversified P&C product offering and strong distribution capabilities. Adira Insurance has leading market positions in motor and takaful insurance in Indonesia.<\/p>\n","protected":false},"excerpt":{"rendered":"
Zurich Insurance Group is to acquire a leading insurer in Indonesia, which will make it the largest foreign property and casualty insurer in the country. Zurich has entered into agreements to acquire 80% of PT Asuransi Adira Dinamika from PT Bank Danamon Indonesia and a minority investor. Adira Insurance is …<\/p>\n","protected":false},"author":10,"featured_media":41561,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_uag_custom_page_level_css":"","footnotes":""},"categories":[365,197,198,1,207,266],"tags":[407],"acf":[],"uagb_featured_image_src":{"full":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2017\/02\/0_CR-Asia-Indonesia-Flag-01.jpg",700,450,false],"thumbnail":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2017\/02\/0_CR-Asia-Indonesia-Flag-01-150x150.jpg",150,150,true],"medium":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2017\/02\/0_CR-Asia-Indonesia-Flag-01-300x193.jpg",300,193,true],"medium_large":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2017\/02\/0_CR-Asia-Indonesia-Flag-01.jpg",700,450,false],"large":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2017\/02\/0_CR-Asia-Indonesia-Flag-01.jpg",700,450,false],"1536x1536":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2017\/02\/0_CR-Asia-Indonesia-Flag-01.jpg",700,450,false],"2048x2048":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2017\/02\/0_CR-Asia-Indonesia-Flag-01.jpg",700,450,false],"image-publication":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2017\/02\/0_CR-Asia-Indonesia-Flag-01-390x251.jpg",390,251,true],"image-publication-large":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2017\/02\/0_CR-Asia-Indonesia-Flag-01-476x306.jpg",476,306,true],"jannah-image-small":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2017\/02\/0_CR-Asia-Indonesia-Flag-01-220x150.jpg",220,150,true],"jannah-image-large":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2017\/02\/0_CR-Asia-Indonesia-Flag-01-390x220.jpg",390,220,true],"jannah-image-post":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2017\/02\/0_CR-Asia-Indonesia-Flag-01.jpg",700,450,false],"featured-2":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2017\/02\/0_CR-Asia-Indonesia-Flag-01-530x340.jpg",530,340,true],"editors-pick":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2017\/02\/0_CR-Asia-Indonesia-Flag-01-219x115.jpg",219,115,true],"archive-thumbnail":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2017\/02\/0_CR-Asia-Indonesia-Flag-01-375x375.jpg",375,375,true],"mobile-thumbnail":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2017\/02\/0_CR-Asia-Indonesia-Flag-01-375x300.jpg",375,300,true],"single-feature":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2017\/02\/0_CR-Asia-Indonesia-Flag-01-700x400.jpg",700,400,true],"square-thumbnail-s":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2017\/02\/0_CR-Asia-Indonesia-Flag-01-100x100.jpg",100,100,true]},"uagb_author_info":{"display_name":"Tony Dowding","author_link":"https:\/\/www.commercialriskonline.com\/author\/tony-dowding-2\/"},"uagb_comment_info":0,"uagb_excerpt":"Zurich Insurance Group is to acquire a leading insurer in Indonesia, which will make it the largest foreign property and casualty insurer in the country. Zurich has entered into agreements to acquire 80% of PT Asuransi Adira Dinamika from PT Bank Danamon Indonesia and a minority investor. Adira Insurance is …","_links":{"self":[{"href":"https:\/\/www.commercialriskonline.com\/wp-json\/wp\/v2\/posts\/56392"}],"collection":[{"href":"https:\/\/www.commercialriskonline.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialriskonline.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialriskonline.com\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialriskonline.com\/wp-json\/wp\/v2\/comments?post=56392"}],"version-history":[{"count":0,"href":"https:\/\/www.commercialriskonline.com\/wp-json\/wp\/v2\/posts\/56392\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialriskonline.com\/wp-json\/wp\/v2\/media\/41561"}],"wp:attachment":[{"href":"https:\/\/www.commercialriskonline.com\/wp-json\/wp\/v2\/media?parent=56392"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialriskonline.com\/wp-json\/wp\/v2\/categories?post=56392"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialriskonline.com\/wp-json\/wp\/v2\/tags?post=56392"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}