ACE Malaysia Partners With Trade Group to Promote Risk Management

Ace Synergy Insurance Berhad (ACE Malaysia) [89102], a 51% to 49% joint venture between global insurer and reinsurer Ace Ltd. [58303] and Bursa Malaysia-listed Advance Synergy Capital Berhad, said it has formed a partnership with SMI Association of Malaysia to provide risk management advice and services to the association's small- and medium-size enterprise members.

According to the Malaysian insurer, the small, medium enterprise is a "key market" for expansion for Ace locally and regionally.

Raj Nanra, chief executive officer and managing director of Ace Malaysia, said in a statement that SMI is a fast-growing industry in Malaysia and risk management is an important strategy to "ensure the sustainability and longevity of the business."

To follow this market trend, Nanra said the insurer "has made significant investment in terms of technology, branch network and recruitment" to expand its reach to consumers, especially the small, medium industries, while the partnership with SMI Association is also "a testimony of Ace's long-term commitment" to this sector's growth and development in Malaysia.

Under the agreement, Ace Malaysia will work with the association to increase awareness of risk management among SMI members. It also will provide services such as assessing the insurance needs of the members, as well as providing appropriate advice and cover to meet their risk management needs.

Chua Tiam Wee, national president of SMI Association of Malaysia, believes that this value-added service will help increase the significance of insurance in enterprises' strategic business planning, while the association members also will get suitable risk management advice and services through this partnership.

Operating in Malaysia as a general insurer since 1948, Ace Malaysia, a part of Ace Group of Cos., was formerly known as Perdana Cigna Insurance Berhad and prior to that, as Insurance Company of North America, INA.

Currently, Ace in Malaysia offers retail, middle market and corporate general insurance services. It also provides underwriting services for large and specialized risks in commercial and industrial projects in the country. In addition, Ace Malaysia distributes accident and health products through direct marketing and telemarketing.

(By Rebecca Ng, Hong Kong news editor: [email protected])