ACE Limited announced that the company and its local partner have reached a definitive agreement to acquire PT Asuransi Jaya Proteksi (JaPro) in Indonesia for approximately $130 million in cash.
JaPro was established in 1963 and is headquartered in Jakarta. It is one of Indonesia’s top 10 general insurers and a “leader in personal lines, offering property, motor, accident and health insurance as well as commercial insurance coverages such as marine cargo and liability insurance,” ACE said.
“The company has an extensive distribution system throughout Indonesia, including a well-established network of branch offices, partnerships with local banks and multi-finance companies, and relationships with brokers and agents.”
John Keogh, ACE Limited’s Vice Chairman and COO stated: “The acquisition of Asuransi Jaya Proteksi will allow ACE to diversify its business in Indonesia with a well-developed personal lines franchise that is recognized for its strong customer service culture.”
Damien Sullivan, Regional President, ACE Asia Pacific, added: “There is a good strategic fit between our companies. JaPro is complementary to ACE’s existing business in Indonesia, which includes life insurance, commercial property and casualty, and accident and health, and together we will build a sustained business for growth in this attractive, fast-growing market.”
The completion of the transaction is expected during the third quarter of 2012 and is contingent on regulatory approval and other closing conditions.
Source: ACE Limited
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