ACE Limited announced that it has acquired 80 percent of Indonesian insurer PT Asuransi Jaya Proteksi. The Jakarta-based company is “one of Indonesia’s top 10 general insurers and a leader in personal lines,” said the bulletin.
“The company offers property, motor, accident and health insurance as well as commercial insurance coverages such as marine cargo and liability insurance and has an extensive distribution system throughout Indonesia, including a network of branch offices, partnerships with local banks and multi-finance companies, and relationships with brokers and agents.”
Damien Sullivan, Regional President, ACE Asia Pacific, commented: “We are pleased to complete this transaction, diversifying our business in Indonesia with a well-established personal lines insurance franchise, while expanding our accident and health and commercial property and casualty businesses.
“Indonesia’s strong economic and demographic trends provide an ideal environment for sustained growth across all our general and life insurance businesses.”
Source: ACE Group
Topics Mergers & Acquisitions Carriers
Was this article valuable?
Here are more articles you may enjoy.
Adjusters Launch ‘CarFax for Insurance Claims’ to Vet Carriers’ Damage Estimates 
Travelers Q4 Net Income Up 20% on Underwriting, Lower Catastrophe Losses 
AIG Announces Strategic Investment Partnership of Up to $3.5B With CVC 
Forecasters Warn of ‘Potentially Catastrophic’ Storm From Texas to the Carolinas 
