Singapore-based firm ACR Capital Holdings has completed the acquisition of Asia Capital Reinsurance Malaysia (ACR Malaysia) and ACR Retakaful Holdings, the company has announced.
Prior to the transaction, ACR Capital previously owned 30% of ACR Malaysia and 20% of ACR Retakaful.
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ACR Group CEO Hans-Peter Gerhardt said that the group acquired the firms in response to the long-term management plans of the industry. He added that by completely owning the companies, ACR can support its clients across Asia in a seamless manner.
“The consolidation of all our branded entities fully under the ACR Group is part of our long-term strategy to enhance client benefits and operational efficiency of all ACR entities so they can grow and move as one unit,” he said. “The ultimate goal is to build a strong and coherent ACR group of companies for all our clients in Asia and the Middle East.”
After the acquisition, ACR Malaysia and ACR Retakaful, as well as ACR Retakaful MEA) in Bahrain, will operate as wholly-owned units of Asia Capital Re.
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