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FINANCIAL NEWS
Zurich to buy Lebanese insurance firm
11 Oct 2010
(MENAFN) Switzerland-based insurer Zurich Financial Services AG announced that it has agreed to buy privately-owned Lebanese insurer Compagnie Libanaise D’Assurances, Reuters reported.
The Swiss firm said in a statement that the transaction should close in the fourth quarter, subject to regulatory approval.
The Lebanese insurer, which also has branches in the United Arab Emirates, Kuwait and Oman, had gross written premiums of $49.1 million at the end of 2009 and net income of $5.1 million.
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