The Thai arm of Japan’s Tokio Marine Insurance and Thailand’s Safety Insurance have completed their merger to form Tokio Marine Safety Insurance Thailand. Both parties to the merger have received approval from Thailand’s Office of Insurance Commission (OIC) to complete their integration.
The newly formed company - Tokio Marine Safety Insurance (TMSTH) - will be able to maximize the distribution of products and services through an established network of branches across Thailand and its Japanese clientele in Thailand and Mekong countries, Tokio Marine said in a statement.
«TMSTH aims to be one of Thailand’s leading insurers — [the company has a] GWP target of $676 million and a net profit target of US$35 million in three years. [We aim for] continued growth of 4 to 5 percent every year. It is our goal to be the most trusted insurer in Thailand,» said Suteechai Santivarakum, who has been appointed chief executive of the new firm.
One of the Largest Operations In Asia
Tokio Marine Safety Insurance Thailand (TMSTH) will capitalize on Tokio Marine’s Japanese network and marine business; while Safety Insurance, as one of the country’s top insurers, will add value to the company’s motor portfolio and nationwide network. The Japanese insurer took over IAG’s stake in Safety Insurance for $390 million in the summer of 2018. The integration also means that TMSTH become one of the largest operations in Asia for the Tokio Marine Group.
Saloon Tham, chief executive of Tokio Marine Asia said that the integration will «help accelerate [Tokio Marine’s] growth in the Thai market, as we expand our presence in the region.» As part of its expansion plans in Asia, the group already owns Drivedee, an insurtech player in Thailand. However, a proposed sale of the P&C arm of Malaysia’s RHB Group to Tokio Marine fell through last December.
