ACE Ltd. (ACE: Quote) said the company and its local partner have entered into a definitive agreement to acquire PT Asuransi Jaya Proteksi in Indonesia for about $130 million in cash. The completion of the deal is expected during the third quarter of 2012.
Asuransi Jaya Proteksi is 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 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," said John Keogh, Vice Chairman & Chief Operating Officer, ACE Limited.
Click here to receive FREE breaking news email alerts for ACE Limited and others in your portfolio
by RTT Staff Writer
For comments and feedback: email@example.com