JERNEH ASIA BERHAD
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Jerneh Asia Berhad is a publicly quoted investment holding company engaged in the provision of a range of general insurance products. It was established in the year of 1971 to manage the in-house Kuok Group insurance needs. The company’s registered corporate headquarters is located in Kuala Lumpur.
Jerneh Asia’s general insurance products include fire, marine, aviation, motor, engineering, household and accident & health insurances. It provides property and pecuniary insurance, liability insurance, marine insurance, personal accident insurance, medical insurance, motor insurance, and construction and engineering insurance. The company also offers reinsurance, insurance and reinsurance broking, offshore reinsurance, credit leasing, and management services. In addition, it has specialization in the provision of hire purchase and lease financing of capital equipment, serving agricultural, manufacturing, transportation, construction, and medical sectors.
Through the operations of its subsidiaries, the company is also active in Hong Kong, the Philippines, the Netherlands, and Thailand. It has a strategic partnership with Assicurazioni Generali S.p.A., the largest insurance company in Italy. The company’s shares are traded on the Kuala Lumpur Stock Exchange under the ticker symbol JNEH.
The company is the holding company of Jerneh Insurance Berhad and is primarily an investment company.
Description and history
The Company (JAB) was formed as an investment holding company for the purpose of acquiring Jerneh Insurance Corporation Sdn Bhd (JIC) as part of a scheme to list JIC on KLSE. On 30.4.97, JIC was converted into a public company known as Jerneh Insurance Bhd (JIB). JIB commenced operations in 1971 as the insurance arm of the Kuok Group of Companies and has now expanded to include clientele outside the Kuok Group.
In 1999, JAB tied up with Assicurazioni Generali SpA of Italy by signing a JVA to jointly carry out insurance and insurance-related activities in the Asia Pacific Region. Currently, through this JVA, Generali Asia NV, operates in Hong Kong and the Philippines. The two Philippines-based operations, Generali Pilipinas Insurance Company Inc and Generali Pilipinas Life Assurance Company Inc, commenced business in March 2000. In Hong Kong, its subsidiary Taishan Insurance Brokers Ltd (TIB) has become a significant captive insurance broker in the Hong Kong and China insurance market for the Kuok Group. The bulk of its business is from China where it provides insurance and risk management services. TIB has become the insurance forerunner for the Group in China through its 10 years of experience in the China market.
In August 2000, the Company entered into agreements to acquire the remaining 60% each in KRM Reinsurance Brokers (Phils) Inc and Taishan Insurance Brokers Philippines Inc. The plan is part of JAB’s plan to expand regionally and to top the growing insurance market in the Philippines. The approval of the Philippines Insurance Commission and Philippines Securities and Exchange Commission were obtained in September 2001.
There are also plans to merge subsidiary Jerneh Healthcare Services Sdn Bhd (JHS) with others in the industry to create value-added products and services. In view of the withdrawal of medical card companies and multi level marketing (MLM) companies from the medical business as a result of strict enforcement of regulations, JHS foresees insurers writing more medical business directly. Coupled with BNM’s initiative to encourage the insurers to outsource their non-core activities such as medical claims’ services to third parties, JHS will be in a position to secure more market business in future.
Other services rendered by the Group are provision of loans, and leasing and hire-purchase facilities. The Group is also involved in offshore composite reinsurance through Jerneh Asia Reinsurance Ltd (JAR) which operates independently in order to secure international reinsurance capacities for Group clients.
Established to manage the in-house Kuok Group insurance needs
Operates as an investment holding company engaged in the provision of a range of general insurance products
ARECA CAPITAL SDN. BHD.
US SIC Code
38 Jalan Sultan Ismail
16th Floor, Wisma Jerneh
City province or state postal code
50250, KUALA LUMPUR
Phone: +60 3 2145 0485
Fax: +60 3 2143 2817
Country address: MALAYSIA
Website url: www.jerneh.com.my