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 Lebanese insurer Compagnie Libanaise D'Assurances SAL.

Saad Mered, Zurich's Middle East chief executive officer, said the acquisition "complements our existing general insurance presence in Bahrain and the Dubai International Financial Centre."

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

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

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

Special Reports /

Zurich Expands In Middle East With Purchase of Lebanese Insurer

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