Ace has been on a spending spree, buying US crop insurer Rain and Hail for $US1.1 billion ($1.17 billion) and forking out $US200 million ($213 million) for Malaysian general insurer Jerneh Insurance Berhad.

Iowa-based Rain and Hail provides comprehensive multiple peril crop and crop-hail insurance in the US and Canada. Zurich-based Ace currently owns approximately 20% of the outstanding common stock of Rain and Hail, which will continue to operate as a separate business.

Ace CEO Evan Greenberg says the firm has a “valued relationship” with Rain and Hail. “This is a business we know well, and we project a return on capital in excess of our 15% hurdle rate.”

The $US200 million purchase of Jerneh Insurance Berhad has been approved by Malaysia’s financial regulator.

The insurer is mostly owned by Jerneh Asia Berhad, an investment holding company.

“This transaction provides a good strategic fit and complements our current presence in Malaysia,” said Mr Greenberg.