Insurance group ACE has acquired the full ownership of its Malaysian joint venture firm ACE Synergy Insurance Berhad, from Advance Synergy Capital Berhad, for $39m in cash.

ACE acquired the remaining 49% of the outstanding shares in ACE Synergy Insurance Berhad, which it does not already own.

The Malaysian subsidiary ACE Synergy Insurance, established in 1996, offers property, casualty, personal accident and supplemental health insurance lines to commercial and individual customers in Malaysia.

ACE vice chairman and chief operating officer John Keogh said the deal allows the firm to build the position in Malaysian market together with recently acquired Jerneh Insurance business and to enhance the market momentum.