Zurich Insurance to acquire 80% of Adira Insurance

Zurich Insurance Group has acquired 80% of Bank Danamon's capital in Adira Insurance. The bank that has kept the remaining 20% shares thus becomes a minority shareholder. The transaction provides for an agreement to distribute Adira Insurance's products by Bank Danamon and Adira Finance, Indonesia's second-largest provider of motorcycle and car financing solutions.

Adira Insurance ranks among the top 10 of the country's property and casualty insurers. The company is the market leader in motor and takaful insurance. It reported 170.4 million USD of gross premiums in 2018.

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