HONG KONG (Reuters) – ACE Ltd has agreed to buy a 60.9% stake in Thailand's Siam Commercial Samaggi Insurance PCL for about $185 million as foreign insurers step up their presence in underdeveloped Southeast Asian insurance markets.

Bangkok-based Siam Commercial Samaggi is an autos, small commercial, personal accident insurer and distributes its products through both Siam Commercial Bank branches and independent agents. It had about $138 million in gross premiums written in 2012.

Shares in Siam Commercial Samaggi were up 13% on Monday, while the benchmark Thailand stock index was down 0.2%. Siam Commercial Bank owns 24% of Siam Commercial Samaggi, according to Thomson Reuters data.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Commercial Lines
E&S/Specialty