Global property and casualty insurer Ace Ltd said yesterday it acquired the 49 percent of its Malaysian joint venture that it did not already own, from Advance Synergy Capital Berhad for $39 million in cash.The purchase of Ace Synergy Insurance Berhad comes less than a year after Ace bought Jerneh Insurance Berhad, in a bid to solidify its position in Malaysia.Ace Synergy Insurance is a property, casualty and supplemental health insurance provider, which has been operating in Malaysia since 1996. Jerneh Insurance Berhad is a general insurance company.“This transaction allows us to solidify our position in the attractive Malaysian market together with our recently acquired Jerneh Insurance business and to enhance our market momentum,” said John Keogh, vice-chairman and chief operating officer of Ace Ltd. “We look forward to the tremendous opportunities that the combination of these two great businesses will provide.”Shares of the company were up 18 cents, or 0.3 percent at $64.49 in trading yesterday on the New York Stock Exchange.