Aetna enters RI market

Aetna enters RI market

JAKARTA (JP): Aetna Life Insurance Company, a major American
insurance company, will soon enter the Indonesian insurance
market through its joint venture with the Danamon Group.

An executive of the Danamon Group confirmed the joint venture
agreement yesterday, saying that the operation of the joint
insurance firm has obtained an approval from the Minister of
Finance.

The joint venture, named PT Danamon Aetna Life Insurance
Company, is equally owned by the U.S. insurance firm and Danamon
Life, the insurance division of the Danamon Group.

Acting as the chief commissioner of the newly-established
joint venture is Usman Admadjaya, the chairman of the Danamon
Group, with Edward William Tilling as deputy chief commissioner.
Members of the supervisory board include Nienie N. Admadjaya,
Ralph Appandoo, Dooglas Henck and Otis Wuisan.

Barry S. Halpern and R.M. Moedjadi have been appointed
respectively as president and vice president of the newly
established insurance firm. (hen)