ACE SYNERGY TARGETS 20% GROWTH

Malaysia-based Ace Synergy, a joint venture of Bermuda-based insurer/reinsurer Ace and locally based Advance Synergy Capital, will focus on small to medium sized enterprises this year in its drive for 20% premium growth, according to Ace Synergy CEO Lee “Cliff” Koon Yew. He said that the company was aiming for eight to 10 branches within a couple of years. It currently has two branches in Malaysia and has immediate plans to open two more, in Malacca and in Ipoh, Mr Lee said. The company is looking for premiums of 13.4m ringgit from SMEs this year. Ace Insurance Asia CEO Darren Sullivan said that the Malaysian operation would be adopting a multi-channel approach, expanding its distribution methods to include bank partnerships and online selling, to complement the existing direct marketing, telemarketing and broker-based sales.