Zurich Insurance is acquiring an 80 percent stake in Indonesia’s Adira Insurance from PT Bank Danamon Indonesia and a minority investor for at least around $414 million, the Swiss group said on Thursday.

“Zurich has earmarked Asia Pacific to be a major engine of growth for the group, and Indonesia is a key market for us. Today’s transaction demonstrates our commitment to Indonesia,” Zurich’s Asia Pacific head, Jack Howell, said in a statement.

The acquisition will make Zurich the largest foreign property and casualty insurer in Indonesia, it said.

The transaction includes long-term agreements with Bank Danamon, and separately with Adira Finance, which primarily provides consumer financing for motorcycles and cars in Indonesia.

Along with the total consideration of 6.15 trillion Indonesian rupiah, or roughly $414 million, there is potential for future incremental payments subject to business performance, Zurich said.

The deal will leave Danamon with a 20 percent stake in Adira Insurance.

It is expected to close within the next six months, subject to regulatory approval and other conditions.

Topics Mergers & Acquisitions Carriers