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)