ZURICH--()--ACE Limited (NYSE: ACE) announced today that the company and its local partner have reached a definitive agreement to acquire PT Asuransi Jaya Proteksi in Indonesia for approximately $130 million in cash.
Established in 1963 and headquartered in Jakarta, Asuransi Jaya Proteksi (JaPro) 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 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.
“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.
“There is a good strategic fit between our companies,” said Damien Sullivan, Regional President, ACE Asia Pacific. “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.”
The completion of the transaction is expected during the third quarter of 2012 and is contingent on regulatory approval and other closing conditions.
About ACE
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. Additional information can be found at: www.acegroup.com.
Cautionary Statement Regarding Forward-Looking Statements:
All forward-looking statements made in this press release, related to the proposed acquisition of Asuransi Jaya Proteksi or otherwise, reflect ACE’s current views with respect to future events, business transactions and business performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from those set forth in these statements. For example, ACE’s forward-looking statements related to Asuransi Jaya Proteksi and the anticipated acquisition could prove incorrect if the transaction were to not close, if Asuransi Jaya Proteksi and its subsidiaries were to perform differently than currently expected by ACE or if anticipated expense-related efficiencies are not realized. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.