Ace Group receives approval to acquire Jerneh Insurance Berhad

Sep 14, 2010 (Datamonitor via COMTEX) -- The Ace Group has received approval from Malaysia's financial regulator, the minister of finance through Bank Negara Malaysia, to acquire Jerneh Insurance Berhad, a general insurance company that is majority owned by Jerneh Asia Berhad, an investment holding company.

The proposed acquisition price is approximately $200 million, subject to adjustment to reflect the book value of Jerneh Insurance Berhad at the transaction's closing. The transaction is expected to close during the fourth quarter of 2010, subject to seller shareholder approvals and other closing conditions.

Evan Greenberg, chairman and CEO of Ace, said: "This transaction provides a good strategic fit and complements our current presence in Malaysia. The addition of Jerneh Insurance Berhad will be accretive to Ace's earnings and book value per share and will meet our return-on-capital hurdle rate."

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