New York, NY – May 17, 2022 – Starr Insurance (Starr) has signed an agreement with FPG Insurance Holdings Limited (HK) (FPG) and local Thai shareholders to acquire FPG Insurance Public Company Limited (FPG Thailand), a leading Thai non-life insurer. The investment will be held by Starr Insurance & Reinsurance Limited, Starr’s Bermuda-based insurance company.
The transaction is expected to close in the second quarter of 2022, subject to customary closing conditions and regulatory approvals.
The acquisition represents Starr’s first direct insurance presence in Thailand, reinforcing its commitment to Asia as a core growth region. Starr intends to strengthen local product offerings by introducing tailored commercial lines and Accident & Health (A&H) products, while also recruiting and developing local Thai insurance talent.
Previously, Starr supported Thailand’s insurance market primarily via reinsurance solutions, including Technical Risks, Casualty, Marine, and A&H. With this acquisition, Starr will now be able to directly serve both corporate clients and consumers in Thailand.
Maurice R. Greenberg, Chairman & CEO of Starr, stated:
“Thailand is an important, fast-growing insurance market — one of the cornerstones of the Southeast Asia economy. Asia is both commercially and culturally important to Starr, as we trace our roots to an American-owned company founded in Shanghai more than 100 years ago. We look forward to serving the needs of local Thai companies and consumers through this new insurance capability.”
David Zuellig, Regional Chairman of FPG, added:
“This transaction reflects the standing of our franchises and is the product of the hard work, persistence, and determination of the FPG Thailand team despite challenging market conditions. The team is excited and ready to work with Starr in bringing the company to the next level.”
Gerard Pennefather, Huntington Advisory (strategic advisors to FPG), commented:
“This is a fantastic outcome for both Starr and FPG. We believe Starr is the ideal home for FPG Thailand to build scale, expand capabilities and distribution, whilst bringing innovation to the market.”
Thailand represents a significant opportunity for insurers. According to AM Best, Thailand’s non-life insurance market generated THB 253 billion (USD $8.3 billion) in direct premiums written in 2021.
The transaction will provide Starr with a platform to capitalize on this growth, enhance product offerings, and expand distribution channels across the country.
Starr plans to maintain FPG Thailand’s headquarters in Bangkok and will work closely with local stakeholders to accelerate the company’s next phase of growth.
This insight is based on the official press release: “Starr Insurance Expands in Thailand” – Starr Companies.
.svg){kind=icon}
