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View all search resultsGreat Eastern to acquire QBE Indonesia
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Logo of Great Eastern Holdings (Courtesy of/www.thestar.com)
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reat Eastern Holdings is acquiring Indonesia-registered PT QBE General Insurance Indonesia for US$28 million, it announced on Tuesday.
Its subsidiary, Great Eastern General Insurance Limited, entered into a share purchase agreement on Dec. 10 to fully acquire QBE Indonesia from QBE Asia Pacific Holdings Limited and QBE Insurance (International) Pty Limited. The transaction is expected to be completed in the first half of 2019, subject to approval by Indonesia’s financial services authority and the Monetary Authority of Singapore.
In a media statement, Great Eastern noted that QBE’s history in the Indonesian general insurance market dates back more than 100 years, providing insurance to businesses, professionals and families.
Said Great Eastern group chief executive officer Khor Hock Seng: “The acquisition of QBE Indonesia is part of our broader business strategy to further build our general insurance operations into a significant business pillar for the Great Eastern Group and to deepen our footprint in Indonesia.”
The acquisition will complement the group’s existing life insurance presence in Indonesia, he said. (brf)
