ACE Limited acquires JaPro
by Richard Kilner
Story link: ACE Limited acquires JaPro
ACE Limited has announced that the company and its local partner have reached a definitive agreement to acquire PT Asuransi Jaya Proteksi (JaPro) in Indonesia.
The deal will involve a transaction of around $130m in cash, and will see JaPro, founded in 1963 and one of Indonesia’s top 10 general insurers, join ACE.
JaPro brings with it an extensive distribution system in Indonesia and a network of branch offices, partnerships with local banks and multi-finance companies.
Vice Chairman & Chief Operating Officer ACE Limited John Keogh said that the acquisition would enable ACE to diversify its offering in the country.
Regional President ACE Asia Pacific Damien Sullivan said that there was a good strategic fit between the two firms, describing JaPro as complementary to ACE’s current operations in Indonesia.
The acquisition follows that of December last year when ACE acquired Penn Millers Holding Corporation (PMHC), for a cash sum of approximately $107m.