NU Online News Service, Oct. 11, 2:30 p.m.EDT

As part of the expansion of its operations in the Middle East,Zurich Financial Services Group said it has agreed to buy Lebaneseinsurer Compagnie Libanaise D'Assurances SAL.

Saad Mered, Zurich's Middle East chief executive officer, saidthe acquisition "complements our existing general insurancepresence in Bahrain and the Dubai International FinancialCentre."

Mr. Mered, formerly of American International Group Inc., wasnamed CEO of Middle East operations at the start of 2009.

Financial terms of the transaction were not released. The dealis expected to close in the fourth quarter. The company said it isacquiring 99.98 percent of the Lebanese insurer.

At the end of 2009, Compagnie Libanaise D'Assurances recorded aprofit of $5.2 million and had $49.1 million in gross writtenpremiums. The company provides products to retail and commercialcustomers in the United Arab Emirates, Kuwait, Oman and Lebanon.The insurer also offers individual and group life insurance inLebanon, Zurich said.