Property and casualty insurer ACE has acquired 80% stake of Jakarta-based general insurer PT Asuransi Jaya Proteksi in a bid to gain from Indonesia’s strong economic and demographic trends for sustained growth across all its general and life insurance businesses.
ACE Asia Pacific regional president Damien Sullivan 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."
Asuransi Jaya Proteksi offers property, motor, accident and health insurance as well as commercial insurance coverages such as marine cargo and liability insurance.
The personal lines insurer has a broad distribution system throughout Indonesia, including a network of branch offices, partnerships with local banks and multi-finance companies, and relationships with brokers and agents.
Recently, ACE has inked a definitive agreement to purchase Fianzas Monterrey in Mexico from New York Life Insurance Company for nearly $285m in cash.
The ACE Group trades in 53 nations around the globe and offers commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients.