ACE Acquires 80% of Indonesia Insurer Asuransi Jaya Proteksi

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