The ACE Group of insurance and reinsurance companies has signed an agreement to acquire 100% stake in Jerneh Insurance, a general insurance company in Malaysia that is majority owned by Jerneh Asia.
Jerneh provides a range of insurance products that include fire, marine, aviation, motor, engineering, household and accident and health.
ACE Group said that the proposed acquisition price is around $200m, subject to adjustment based on the book value of Jerneh Insurance the transaction’s closing.
The transaction is expected to complete during the fourth quarter of 2010 and is contingent on approval of the sellers’ shareholders and other closing conditions.
Insurance – Overseas General chairman John Keogh said, the acquisition of Jerneh will provide ACE with a well-developed, multi-channel distribution business characterized by strong bancassurance relationships, an agency force of nearly 1,300 and 19 branches for direct consumer access.