Wednesday, June 29, 2011

ACE Announces Plans to Integrate ACE Synergy Insurance Berhad and Jerneh Insurance Berhad.

PRESS RELEASE


SINGAPORE, Jun 29, 2011 (BUSINESS WIRE) -- ACE Insurance, part of the ACE Group of insurance and reinsurance companies, today announced that it will integrate its two operating units in Malaysia -- ACE Synergy Insurance Berhad (ASIB) and Jerneh Insurance Berhad (JIB). The consolidation, made possible by ACE's recent purchase of [49%/all] of the outstanding shares of ASIB from Advance Synergy Capital Berhad and ACE's acquisition of JIB in December 2010, is expected to be completed in the first quarter of 2012.

Lim Sun will assume the role of Country President, with accountability for the overall local operations and a key focus on the continued growth and development of the agency distribution channel. Raj Nanra will take on the role of Executive Vice President, with emphasis on corporate and business development.

As a consolidated company, its depth of talent, increased market influence and distribution breadth will position it as one of the top general insurers in this attractive, fast-growing market.
"I'm very excited by the integration of both our operating entities in Malaysia, a strategic growth country for ACE," said Damien Sullivan, Regional President, ACE Asia Pacific. "The consolidation of two successful and complementary business models will enable us to build an even stronger platform of business diversity that will leverage the niche competencies of both organizations. With Malaysia positioned as a significant contributor to ACE's growth in the region, we will continue to invest in the consolidated company to realize its full potential."

SOURCE: ACE
 

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June 29, 2011, 1:09 a.m

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