Zurich Assurances has acquired the Compagnie Libanaise

Zurich Assurances has embarked on a strategy of deployment of its markets in the Middle East. The signing of an agreement for the acquisition of 99.98% of the Compagnie Libanaise d'Assurance (CLA) is within this logic. Thanks to its presence in Lebanon, UAE, Kuwait and Oman, CLA paves the way of high-potential markets to the Swiss group. Founded in 1951, CLA reported in 2009 a life and non life turnover of 49.1 million USD and a net profit of 5.1 million USD. The transaction will take place in the last quarter of 2010.