ACE Ltd. Acquires 80% Of Indonesian Insurer
ACE Limited has acquired 80% of PT Asuransi Jaya Proteksi — which is based in Jakarta, Indonesia — and is one of Indonesia’s top 10 general insurers and a leader in personal lines.
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.
“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,” said Damien Sullivan, Regional President, ACE Asia Pacific.
“Indonesia’s strong economic and demographic trends provide an ideal environment for sustained growth across all our general and life insurance businesses.”
