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.
The deal comes despite the ongoing political unrest inThailand, which has weighed on Thailand's currency and its stock markets as anti-government forces are determined to oust Prime Minister Yingluck Shinawatra..
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