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.
In compliance with Thai regulations, ACE and its local Thai partner will make a mandatory tender offer for the remaining 39.1 percent of Siam Commercial Samaggi Insurance. The total transaction is valued at approximately $190 million at current exchange rates.
Source: ACE Group
Was this article valuable?
Here are more articles you may enjoy.