RI-Australian insurer

JAKARTA (JP): The Ministry of Finance has approved the establishment of an Australian-Indonesian joint insurance venture called PT Asuransi QBE Pool Indonesia, The Australian embassy said here yesterday.

QBE Pool is 70 percent owned by QBE Insurance, one of Australia's largest insurance groups, and 30 percent by publicly listed PT Pool Asuransi Indonesia.

The embassy said that the joint venture, with a paid up capital of Rp 15 billion (about US$68 million), will concentrate on meeting the insurance needs of small and medium size Indonesian companies, private individuals and Australian companies operating in or trading with Indonesia.

QBE Pool's head office will be located in Muara Karang, North Jakarta, and the company will be opening branches in other major Indonesian cities as soon as it is permitted under the local insurance regulations. (hdj)