Switzerland based insurer ACE and its local partner have inked a deal to acquire PT Asuransi Jaya Proteksi in Indonesia for nearly $130m in cash.
Commenting on the Indonesian acquisition, ACE vice chairman and chief operating officer John Keogh said, "The acquisition of Asuransi Jaya Proteksi will allow ACE to diversify its business in Indonesia with a well-developed personal lines franchise that is recognized for its strong customer service culture."
ACE Asia Pacific regional president Damien Sullivan said, "JaPro is complementary to ACE’s existing business in Indonesia, which includes life insurance, commercial property and casualty, and accident and health, and together we will build a sustained business for growth in this attractive, fast-growing market."
As per the merger agreement, the deal is expected to close during the third quarter of 2012, after receiving regulatory clearances as well as meeting other closing conditions.
Headquartered in Jakarta, Asuransi Jaya Proteksi (JaPro) offers personal lines, offering property, motor, accident and health insurance as well as commercial insurance coverage such as marine cargo and liability insurance.
ACE Group trades as a property and casualty insurers in more than 53 countries, 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.