NEW YORK -- Insurance company Ace Ltd. is buying Indonesian insurer PT Asuransi Jaya Proteksi for about $130 million in cash as it looks to diversify in the region.
Ace said Wednesday that it hopes to complete the buyout in the third quarter.
"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," Damien Sullivan, regional president of Ace Asia Pacific, said in a statement.
Ace, which is based in Zurich, reported in April that its first-quarter profit jumped nearly fourfold, aided by lower-than-expected catastrophe losses, higher net premiums written and hefty one-time gains.
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