ACE Group to acquire Jerneh Insurance

Oct 11, 2010 (Datamonitor via COMTEX) -- The ACE Group of insurance and reinsurance companies has signed a definitive agreement to acquire 100% of Jerneh Insurance Berhad, a general insurance company, majorly owned by Jerneh Asia Berhadin in Malaysia.

The proposed acquisition price is approximately $200 million, subject to adjustment based on the book value of Jerneh Insurance Berhad at the transaction's closing. Completion of the transaction is expected during the fourth quarter of 2010 and is contingent on approval of the sellers' shareholders and other closing conditions.

John Keogh, chairman of insuranceoverseas general at ACE Group, said: "The acquisition of Jerneh will provide ACE with a well-developed, multi-channel distribution business characterized by strong bancassurance relationships, an agency force of nearly 1,300 and 19 branches for greater direct consumer access."

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