Ace is to acquire Indonesian insurer PT Asuransi Jaya Proteksi for $130 million in cash.

Also known as JaPro, the Jakarta-based company is one of Indonesia’s top 10 general insurers.

It offers property, motor, accident and health cover as well as commercial insurance cover such as marine cargo and liability insurance.

The insurer’s distribution system includes branch offices, partnerships with local banks and multi-finance companies and relationships with brokers.

Ace Vice Chairman John Keogh said the acquisition “will allow Ace to diversify its business in Indonesia with a well-developed personal lines franchise that is recognised for its strong customer service culture”.

Completion of the transaction is expected in the third quarter and depends on regulatory approval.