Zurich Financial Services said Thursday that it is to buy 50% of the general and life insurance companies of Spanish firm Caixa d’Estalvis de Sabadell for $360 million (227 million euros).

There is also an earn-out option of up to $150 million depending on the future performance of the two units.

In 2007, premiums written by the two Spanish companies reached $366 million.

Zurich’s chief executive for Global Life Insurance, Mario Greco says: ‘The transaction represents a high potential growth opportunity for us to expand in one of our key growth areas.’