ACE acquires Asuransi Jaya Proteksi

THURSDAY, SEPT. 20: ACE Limited announced that the company has acquired 80 per cent of PT Asuransi Jaya Proteksi in Indonesia.

Jakarta-based Asuransi Jaya Proteksi 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.

Damien Sullivan, regional president, ACE South Pacific, said: “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.”