23 September 2012

ACE Acquires 80% of Asuransi Jaya Proteksi in Indonesia

Jakarta-based Asuransi Jaya Proteksi is one of Indonesia’s top 10 general insurers


Zurich – 18 September 2012 (BUSINESS WIRE) - ACE Limited announced today that the company has acquired 80% 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. 

“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,” said Damien Sullivan, Regional President, ACE Asia Pacific. “Indonesia’s strong economic and demographic trends provide an ideal environment for sustained growth across all our general and life insurance businesses.” 

The ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 53 countries, ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. ACE Limited, the parent company of the ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index. 

Source: ACE Group