LeapFrog, Lombard pick 21% stake in SMK

Auto insurance visual from SMK's homepage

UK based RSA Insurance Group Plc announced that it has sold a 21.75 per cent holding in Thailand’s insurer Syn Mun Kong (SMK) to LeapFrog Thailand Holdings Ltd and Mindo Asia Investment Limited, an affiliate of US-based Lombard Investments Inc.

RSA received cash consideration of £36 million ($56.33 million) and the transaction is expected to result in a gain on sale of approximately £22 million ($34.44 million) and an addition to the group’s tangible net assets of approximately £19 million ($29.73 million).

Stephen Hester, RSA group chief executive, said in a company statement that this transaction continues the excellent momentum of its announced disposals in 2014 and represents further progress in tightening the strategic focus of the group.

SMK is Thailand’s second largest automobile insurer and fifth largest general insurer. Founded in 1951, SMK is well-placed to capture growth in Thailand where insurance penetration is low but market demand is accelerating.

The company’s general insurance operations include specialised health, personal accident, fire, marine and transportation insurance offerings.

Thailand’s population is around 67 million people, and represents an under-penetrated automotive insurance market now growing at an average rate of 18 percent per year between 2009 and 2012, according to the company statement.

“SMK is an outstanding family business with a demonstrated track record of growth and profitability. We believe the combined skills of Lombard and LeapFrog can help SMK achieve higher levels of performance,” said Lombard Investments managing director Pote Videt.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.