The ACE Group announced today that its ACE INA International Holdings, Ltd. subsidiary has acquired all of the outstanding shares it does not already own, or approximately 49 percent, of ACE Synergy Insurance Berhad in Malaysia from Advance Synergy Capital Berhad for approximately $39 million in cash.
ACE Synergy Insurance was established in 1996. It has been ACE’s longstanding joint venture in Malaysia offering property and casualty, personal accident and supplemental health insurance lines for commercial and individual customers.
John Keogh, Vice Chairman and COO of ACE Limited, commented: “This transaction allows us to solidify our position in the attractive Malaysian market together with our recently acquired Jerneh Insurance business and to enhance our market momentum. We look forward to the tremendous opportunities that the combination of these two great businesses will provide.”
Source:
Topics Mergers & Acquisitions
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