Great Eastern to acquire Indonesia insurance firm for US$28m

Singapore

GREAT Eastern Holdings is acquiring Indonesia-registered PT QBE General Insurance Indonesia for US$28 million (S$38.4 million), as part of its broader strategy of building its general insurance operations into a significant business pillar and deepening its footprint in Indonesia.

The group announced on Tuesday that its unit 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.