ACE Acquires 80% of Asuransi Jaya Proteksi in Indonesia
Jakarta-based Asuransi Jaya Proteksi is one of Indonesia's top 10 general insurers and a leader in personal lines. The company offers property, motor, accident and health insurance as well as commercial insurance coverages such as marine cargo and liability insurance and has an extensive distribution system throughout Indonesia, including a network of branch offices, partnerships with local banks and multi-finance companies, and relationships with brokers and agents.
"We are pleased to complete this transaction, diversifying our business in Indonesia with a well-established personal lines insurance franchise, while expanding our accident and health and commercial property and casualty businesses," said Damien Sullivan, Regional President, ACE Asia Pacific. "Indonesia's strong economic and demographic trends provide an ideal environment for sustained growth across all our general and life insurance businesses."
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 (NYS: 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 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 acquisition could prove incorrect 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.
Helen M. Wilson, (441) 299-9283
Stephen Wasdick, 1-212-827-4444
Michele Minjoot, 65-6398-8708
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