viewACE Limited

ACE Group To Acquire Malaysian Insurer Jerneh Insurance Berhad For $200 Million


Commercial and casualty insurer The ACE Group, the operating arm of Swiss holding company ACE Limited (NYSE:ACE), announced today that it has agreed to acquire Jerneh Insurance Berhad, an insurance company based in Malaysia, for about USD$200 million.

Jerneh Insurance Berhad is the general insurance arm of Jerneh Asia Berhad, a listed company on the Bursa Malaysia Securities Berhad financial exchange.  The company provides a wide range of insurance products that include fire, marine, aviation, as well as accident and health.  The company employs about 1,300 agents across 19 branches. 

In fiscal 2009, Jerneh Insurance Berhad had a gross premium income of 433 million ringgits and investment and investment income of roughly 66 million ringgits.  2009 pre-tax profits amounted to 69 million ringgits.  

Commenting on the acquisition, John Keogh, Vice Chairman of ACE Limited, said,  "Jerneh is very complementary to ACE's existing business in Malaysia, and with enhanced local presence and increased access to the commercial middle market, we will now be well positioned as one of the top general insurers in the country.

The transaction is expected to be complete in the fourth quarter of 2010 subject to the approval of Jerneh’s shareholders and other closing conditions.

Quick facts: ACE Limited

Price: - -

Market: NYSE
Market Cap: -

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...


Water Tower Research President talks Energy and how Capstone Turbine is key...

Water Tower Research Co-Founder and President Shawn Severson joined Steve Darling from Proactive to share some insight about the Energy sector and how it is being viewed by users. Severson also told Proactive about Capstone Turbine and some things investors need to watch for from the company...

49 minutes ago

2 min read