NEW YORK- (BUSINESS WIRE) -Starr Insurance Companies (Starr) announces agreement with FPG Insurance Holdings Limited (HK) (FPG) and local Thai shareholders to acquire FPG Insurance Public Company Limited (FPG Thailand), a Thai non-insurance insurance company for life The company with local Thai events.
The investment made by Starr will be owned by Starr Insurance & Reinsurance Limited, its Bermuda-based insurance company. The transaction is expected to close in the second quarter of 2022, subject to certain customary closing conditions, including any required regulatory approvals.
“Thailand is an important, fast-growing insurance market – a cornerstone of the Southeast Asian economy,” said Maurice R. Greenberg, president and CEO of Starr. “Asia is important to Starr, both commercially and culturally, as we can trace our roots back to an American company founded in Shanghai over 100 years ago. We look forward to meeting the needs of local Thai businesses and consumers with new insurance opportunities. ”
David Zuellig, FPG Regional President, said: “This transaction reflects the position of our franchises and is the result of the hard work, persistence and determination of the people at FPG Thailand, despite the tough market conditions. The team is excited and looking forward to working with Starr to take the company to the next step on the ladder of success. ”
Starr expects to complement the local product offering with tailored commercial products, accident and health insurance, and plans to further improve its development by hiring and training local Thai insurance workers. In the past, Starr has served the Thai insurance market primarily by providing reinsurance products, including engineering risk, property damage, marine risk, accident and health insurance products.
Huntington’s Gerard Pennefather, FPG Strategic Advisor, commented: “This is a fantastic result for Starr and FPG. We believe Starr is the ideal partner for FPG Thailand to expand its scale of operations, capabilities and distribution while bringing innovation to the market. ”
The property insurance market in Thailand was valued at THB 253 billion ($ 8.3 billion) in 2021 as measured by direct premiums, according to a recent study by AM Best rating agency.
The operations headquarters are expected to remain in Bangkok.
Information about Starr insurance companies
Starr Insurance Companies (Starr) is the marketing name of the insurance and travel assistance companies and subsidiaries of Starr International Company, Inc. and the investment activities of CV Starr & Co., Inc. and its subsidiaries. Starr is a leading insurance and investment company with a presence on six continents. Through operating insurance companies, Starr offers property, accident, accident and health insurance. In addition, there are a number of special insurance products, incl. for air and sea transport, energy and surplus insurance. Starr insurers based in the US, Bermuda, China, Hong Kong, Singapore, UK, Switzerland and Malta receive an “A” (excellent) rating from AM Best. Starr’s Lloyd’s Syndicate received an A + (strong) rating from Standard & Poor’s.
About the FPG Insurance Group
Established over 50 years ago, FPG Insurance Group is a non-life insurance group based in ASEAN.
Huntington and its affiliates are an integrated, strategic (re) insurance start-up and private equity advisory / equity group based in Singapore and Turkey.
Visit us at www.starrcompanies.com or follow us on LinkedIn and Twitter.
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