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Member, Beacon International Group, Ltd.
ZURICH—ACE Ltd. announced on Wednesday that it had entered into a definitive agreement to acquire Jakarta, Indonesia-based insurer PT Asuransi Jaya Proteksi for approximately $130 million in cash.
Established in 1963, Asuransi Jaya Proteksi—or JaPro—offers commercial insurance such as liability and marine cargo as well as personal lines and health insurance. In addition to its network of offices located throughout the Indonesian archipelago, JaPro also maintains relationships with local brokers and agents, the company said.
“There is a good strategic fit between our companies,” Damien Sullivan, regional president, ACE Asia Pacific, said in a statement. “JaPro is complementary to ACE’s existing business in Indonesia, which includes life insurance, commercial property/casualty, and accident and health, and together we will build a sustained business for growth in this attractive, fast-growing market.”
Contingent on regulatory approval, the transaction is expected to be completed of during the third quarter of 2012.