Starr Insurance coverage Cos. introduced an settlement with FPG Insurance coverage Holdings Ltd. (HK) and native Thai shareholders to buy FPG Insurance coverage Public Co. Ltd. (FPG Thailand), a Thai non-life insurance coverage firm.
Starr’s funding shall be held by its Bermuda insurance coverage firm, Starr Insurance coverage & Reinsurance Ltd. The transaction is predicted to shut within the second quarter of 2022, topic to sure customary closing circumstances, together with any crucial regulatory approvals.
Monetary particulars of the deal weren’t offered.
“Thailand is a crucial, fast-growing insurance coverage market – one of many cornerstones of the Southeast Asia financial system,” stated Maurice R. Greenberg, Starr’s chairman and CEO. “Asia is each commercially and culturally vital to Starr, as we hint our roots to an American-owned firm based in Shanghai greater than 100 years in the past. We look ahead to serving the wants of native Thai firms and shoppers by means of this new insurance coverage functionality.”
“This transaction displays the standing of our franchises and is the product of the exhausting work, persistence, and dedication of the FPG Thailand workforce regardless of difficult market circumstances. The workforce is worked up and able to work with Starr in bringing the corporate to the following degree,” commented David Zuellig, regional chairman of FPG Insurance coverage Holdings.
Starr stated it expects to strengthen native product choices with tailor-made business insurance coverage and accident & well being (A&H) merchandise and plans to additional maximize its progress by recruiting and growing native Thai insurance coverage expertise. Beforehand, Starr supported the Thai insurance coverage market primarily by means of its provision of reinsurance merchandise, together with technical dangers, casualty, marine, and A&H merchandise.
The operation’s headquarters are anticipated to stay in Bangkok.
In 2021 Thailand’s non-life insurance coverage market was estimated to be THB 253 billion (US$8.3 billion) by way of direct premium written, stated Starr, quoting statistics from AM Greatest.
Supply: Starr Insurance coverage Cos.
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