November 28, 2019 / 6:18 AM / 7 months ago

CORRECTED-Zurich completes acquisition of Indonesia's Adira Insurance

(Corrects date when deal was announced in third paragraph)

ZURICH, Nov 28 (Reuters) - Zurich Insurance has completed the acquisition of Adira Insurance, it said on Thursday, a deal which makes the Swiss company the largest international property and casualty insurer in Indonesia.

Zurich has bought 80% of the company from Bank Danamon and a minority shareholder, it said. Adira generated gross written premiums of $170.4 million in 2018.

The deal, worth at least around $414 million, was originally announced in September 2018, and is part of Zurich's plan to expand in growth markets. (Reporting by John Revill, editing by Riham Alkousaa)

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