NEW YORK–(BUSINESS WIRE)–Starr Insurance coverage Firms (Starr) introduced an settlement with FPG Insurance coverage Holdings Restricted (HK) (FPG) and native Thai shareholders to buy FPG Insurance coverage Public Firm Restricted (FPG Thailand), a Thai non-life insurance coverage firm, along with native Thai events.
Starr’s funding will likely be held by its Bermuda insurance coverage firm, Starr Insurance coverage & Reinsurance Restricted. The transaction is anticipated to shut within the second quarter of 2022, topic to sure customary closing situations, together with any mandatory regulatory approvals.
“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 & CEO. “Asia is each commercially and culturally necessary 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 corporations and customers by way of this new insurance coverage functionality.”
David Zuellig, FPG regional chairman, stated, “This transaction displays the standing of our franchises and is the product of the arduous work, persistence, and willpower of the FPG Thailand staff regardless of difficult market situations. The staff is happy and able to work with Starr in bringing the corporate to the subsequent stage.”
Starr expects to strengthen native product choices with tailor-made industrial insurance coverage and Accident & Well being (A&H) merchandise and plans to additional maximize its development by recruiting and creating native Thai insurance coverage expertise. Beforehand, Starr supported the Thai insurance coverage market primarily by way of its provision of reinsurance merchandise, together with Technical Dangers, Casualty, Marine, and A&H merchandise.
Gerard Pennefather from Huntington, strategic advisors to FPG, stated, “It is a unbelievable consequence for each Starr and FPG. We consider Starr is the best residence for FPG Thailand to construct scale, and develop capabilities and distribution, while bringing innovation to the market.”
Based on a current report by ranking company AM Greatest, in 2021 Thailand’s non-life insurance coverage market was estimated to be THB 253 billion (USD $8.3 billion) when it comes to direct premium written.
The operation’s headquarters are anticipated to stay in Bangkok.
About Starr Insurance coverage Firms
Starr Insurance coverage Firms (or Starr) is a advertising identify for the working insurance coverage and journey help corporations and subsidiaries of Starr Worldwide Firm, Inc. and for the funding enterprise of C. V. Starr & Co., Inc. and its subsidiaries. Starr is a number one insurance coverage and funding group with a presence on six continents; by way of its working insurance coverage corporations, Starr supplies property, casualty, and accident and medical insurance merchandise in addition to a spread of specialty coverages together with aviation, marine, vitality and extra casualty insurance coverage. Starr’s insurance coverage firm subsidiaries domiciled within the U.S., Bermuda, China, Hong Kong, Singapore, U.Okay., Switzerland, and Malta every have an A.M. Greatest ranking of “A” (Wonderful). Starr’s Lloyd’s syndicate has a Normal & Poor’s ranking of “A+” (Robust).
About FPG Insurance coverage Group
Established for over half a century, FPG Insurance coverage Group is an ASEAN based mostly non-life insurance coverage group.
Huntington and its related corporations are an built-in strategic advisory/start-up capital and personal fairness group targeted on (re)insurance coverage, based mostly in Singapore and Turkey.