ACE Limited announced that the company and its local partner have acquired a 60.9 percent stake in The Siam Commercial Samaggi Insurance PCL, a general insurance company in Thailand, from Siam Commercial Bank.
Established in 1947 and listed on the Stock Exchange of Thailand, Bangkok-based Siam Commercial Samaggi Insurance is a major writer of auto, small commercial and personal accident insurance and distributes its products through both Siam Commercial Bank’s branches and independent agents through the insurer’s own branch network. In 2013, the insurer had approximately $155 million in gross premiums written.
ACE Chairman and CEO Evan G. Greenberg commented: “We are pleased to complete the acquisition of a majority stake in Siam Commercial Samaggi Insurance. This transaction provides a good strategic fit and is quite complementary to our longstanding presence in Thailand and Southeast Asia.
“The addition of this well-established and trusted insurer in Thailand will accelerate our growth plans by expanding our product and distribution capabilities throughout the country. We also look forward to building on the existing relationship that the company currently has with Siam Commercial Bank, one of Thailand’s largest and most venerable financial institutions.”
Source: ACE Limited
Was this article valuable?
Here are more articles you may enjoy.