June 13 Insurer and reinsurer ACE Ltd is to buy Indonesian general insurer PT Asuransi Jaya Proteksi for about $130 million to diversify its business in the country.
Asuransi Jaya Proteksi is one of Indonesia's top 10 general insurers, offering property, motor, accident and health insurance as well as commercial insurance coverage such as marine cargo and liability insurance, ACE said on Wednesday.
"(Asuransi) 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," ACE Asia Pacific's regional president Damien Sullivan said.
ACE has been buying smaller players in emerging markets to diversify. In December, it bought an Ecuadorian general insurer for $55 million.
The company was also one of the bidders for HSBC's $1 billion general life insurance business, but lost out to French insurer AXA Group.
The Zurich-based insurer is one of the world's biggest providers of property and casualty insurance, operating in 53 countries with 16,000 staff, and with nearly $21 billion of gross written premiums last year.
The deal is expected to closed in the third quarter.
ACE's shares closed at $72.09 on Tuesday on the New York Stock Exchange.