Starr Insurance Cos. announced an agreement with FPG Insurance Holdings Ltd. (HK) and local Thai shareholders to purchase FPG Insurance Public Co. Ltd. (FPG Thailand), a Thai non-life insurance company.
Starr’s investment will be held by its Bermuda insurance company, Starr Insurance & Reinsurance Ltd. The transaction is expected to close in the second quarter of 2022, subject to certain customary closing conditions, including any necessary regulatory approvals.
Financial details of the deal were not provided.
“Thailand is an important, fast-growing insurance market – one of the cornerstones of the Southeast Asia economy,” said Maurice R. Greenberg, Starr’s chairman and CEO. “Asia is both commercially and culturally important to Starr, as we trace our roots to an American-owned company founded in Shanghai more than 100 years ago. We look forward to serving the needs of local Thai companies and consumers through this new insurance capability.”
“This transaction reflects the standing of our franchises and is the product of the hard work, persistence, and determination of the FPG Thailand team despite challenging market conditions. The team is excited and ready to work with Starr in bringing the company to the next level,” commented David Zuellig, regional chairman of FPG Insurance Holdings.
Starr said it expects to strengthen local product offerings with tailored commercial insurance and accident & health (A&H) products and plans to further maximize its growth by recruiting and developing local Thai insurance talent. Previously, Starr supported the Thai insurance market primarily through its provision of reinsurance products, including technical risks, casualty, marine, and A&H products.
The operation’s headquarters are expected to remain in Bangkok.
In 2021 Thailand’s non-life insurance market was estimated to be THB 253 billion (US$8.3 billion) in terms of direct premium written, said Starr, quoting statistics from AM Best.
Source: Starr Insurance Cos.
Topics Mergers & Acquisitions Carriers
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