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It was announced today that a definitive agreement for the takeover of Asuransi Jaya Proteksi in Indonesia, has been completed by ACE Limited and its local partner for an approximate value of $130 million in cash.
Headquartered in Jakarta, Asuransi Jaya Proteksi (JaPro) was established in 1963 and is now one of Indonesia's top 10 general insurers and a leader in personal lines, offering property, motor, accident and health insurance as well as commercial insurance coverages such as marine cargo and liability insurance.
The company has an extensive distribution system throughout Indonesia, including a well-established network of branch offices, partnerships with local banks and multi-finance companies, and relationships with brokers and agents.
John Keogh, Vice Chairman & Chief Operating Officer, ACE Limited, 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 recognised for its strong customer service culture."
The transaction remains subject to regulatory approval and further closing conditions, but once met the transaction is expected to complete in the third quarter of 2012.
ACE has recently been attempting to buy smaller players in emerging markets to diversify. In December, it bought an Ecuadorian general insurer for $55 million. The company was also one of the bidders for HSBC's $1 billion general life insurance business, but lost out to French insurer AXA Group.
"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," said Damien Sullivan, Regional President, ACE Asia Pacific.
For more information on the Insurance market in Indonesia, see the latest research: Indonesian Insurance Market Report
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