Starr Insurance Companies expands into Thailand – InsuranceNewsNet

NEW YORK–(BUSINESS WIRE)–
Starr Insurance Companies (Starr) announced an agreement with GIF Insurance Holdings Limited (HK) (FPG) and local Thai shareholders to buy GIF Insurance Public Company Limited (FPG Thailand), a Thai non-life insurance company, in collaboration with local Thai parties.

Starr’s investment will be held by its Bermuda insurance company, Starr Insurance & Reinsurance Limited. The transaction is expected to close in the second quarter of 2022, subject to certain customary closing conditions, including necessary regulatory approvals.

“Thailand is a large and rapidly growing insurance market – one of the cornerstones of the South East Asia economy,” said Maurice R. Greenberg, Chairman and CEO of Starr. “Asia is both commercially and culturally important to Starr, as we trace our roots 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 this new insurance capability. »

David Zuellig, Regional President of FPG, said, “This transaction reflects the position of our franchises and is the result of the hard work, perseverance and determination of the FPG Thailand team despite difficult market conditions. The team is excited and ready to work with Starr to take the business to the next level.

Starr plans to bolster local product offerings with bespoke commercial and accident and health (A&H) insurance products and plans to further maximize its growth by recruiting and developing local Thai insurance talent. Previously, Starr supported the Thai insurance market primarily through its provision of reinsurance products, including technical risk, property and casualty, marine and A&H products.

Gerard Pennepère of Huntington, strategic advisors to FPG, said, “This is a fantastic result for Starr and FPG. We believe Starr is the perfect place for FPG Thailand to grow and expand its capabilities and distribution, while bringing innovation to the market.

According to a recent report by rating agency AM Best, in 2021 the Thai non-life insurance market was estimated to be 253 billion THB (USD $8.3 billion) in terms of direct written premium.

The headquarters of the operation should remain at bangkok.

About Starr Insurance Companies

Starr Insurance Companies (or Starr) is a trade name for travel insurance and assistance companies and subsidiaries of Starr International Company, Inc. and for the investment activity of CV Starr & Co., Inc. and its subsidiaries. Starr is a leading insurance and investment organization with a presence on six continents; Through its operating insurance companies, Starr offers property and casualty, accident and health insurance products as well as a range of specialty coverages, including aviation, marine, energy and excess insurance. . Subsidiaries of Starr’s insurance company domiciled in WE, Bermuda, China, hong kong, Singapore, UK, Swissand Malta each have a AM Best grade “A” (Excellent). The Starr’s Lloyd’s syndicate is rated “A+” (Strong) by Standard & Poor’s.

About GIF Insurance Group

Established for more than half a century, GIF Insurance Group is a ASEAN based non-life insurance group.

About Huntington

Huntington and its associated companies are an integrated (re)insurance-focused strategic advisory/start-up capital and private equity group based in Singapore and Turkey.

Visit us at www.starrcompanies.com or follow us LinkedIn and Twitter.

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Charlie Armstrong
Vice President, Marketing

[email protected]646.758.8308

Source: Starr Insurance Companies

Kristan F. Talley