Insurance Australia Group Limited announced that its Thai investment holding company, NHCT Limited, has successfully completed its tender offer for shares in Thailand’s Safety Insurance Public Company Limited.
NHCT has now acquired approximately 98 percent of Safety Insurance. It has held an interest in the Thai Company since October 1998. IAG said it would “continue to work with Safety Insurance’s existing management team and board to further grow and improve the business, bringing to the partnership its core capabilities of technical and underwriting expertise in motor insurance, pricing, distribution and risk management.”
The bulletin also noted that the acquisition of Safety “is another step towards building a portfolio of assets in Asia, ensuring IAG will be a key player in some of the fastest growing insurance markets in the world.” IAG also owns another Thai insurer, IAG Thailand (formerly RSA Thailand, currently trading as NZI Thailand).
IAG explained that Safety Insurance has been listed on the Thai Stock Exchange since 1977 and is currently the country’s 7th largest general insurer and 6th largest motor insurer, generating A$100 million (US $71.22 million) in gross written premiums per annum. It provides “predominantly motor insurance, as well as fire, marine and other general insurance.” Safety distributes its products both through insurance agents and brokers, and directly to customers.
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