ACR completes full acquisitions of ACR Malaysia and ACR ReTakaful
Source: Middle East Insurance Review | Mar 2017
ACR Capital Holdings announced that its 100% acquisitions of Asia Capital Reinsurance Malaysia (ACR Malaysia) and ACR ReTakaful Holdings Limited (ACR ReTakaful) through its wholly owned subsidiary, Asia Capital Reinsurance Group (Asia Capital Re), have been completed. ACR previously held 30% and 20% of ACR Malaysia and ACR ReTakaful, respectively.
The acquisitions will see ACR Malaysia and ACR ReTakaful, including operating entities, ACR ReTakaful Berhad in Kuala Lumpur and ACR ReTakaful MEA BSC (c) in Bahrain, operate as wholly owned subsidiaries of Asia Capital Re.
ACR Group Chief Executive, Mr Peter Gerhardt, said: “At this juncture of ACR’s evolution and in response to the anticipated long-term development of our industry, we see the need to be able to support our clients in Asia in the most seamless way possible.
“The consolidation of all these ACR-branded entities fully under the ACR group is part of our long-term strategy to enhance the client benefits and operational efficiency of all ACR entities so they may be able to grow and move as one unit. The ultimate goal is to build a strong and coherent ACR group of companies for all our clients in Asia and the Middle East.”