Japanese insurer Tokio Marine merges Thai unit with IAG’s Safety Insurance

Tokio Marine Insurance Thailand Pcl, the Thai subsidiary of Japan’s oldest insurance group Tokio Marine, has merged with Safety Insurance Pcl, to create a new entity – Tokio Marine Safety Insurance Thailand (TMSTH).

Suteechai Santivarakum from Safety Insurance has taken on the role of CEO of TMSTH, while Hironori Kiryu is the president of the newly-created organisation.

The merger is aimed at making TMSTH one of Thailand’s largest insurers with a gross written premium target of 21 billion baht ($675 million) and a net profit of 1.1 billion baht in three years, said Santivarakum.

“The Tokio Marine Group will utilise and share its knowledge and global expertise to support various business functions, as well as our agents and brokers and business partners, to deliver quality services to our customers nationwide,” added Kiryu.

The business integration is also expected to boost the Japanese insurer’s presence in Southeast Asia. “TMSTH will become one of the largest operations in the Asia region for the Tokio Marine Group,” said Saloon Tham, CEO at Tokio Marine Asia.

TMSTH will distribute its products and services through its established branch service network spanning across Thailand; Japanese clientele base operating in Thailand and Mekong countries. Besides, they will also cater to agents and brokers with both local and international exposure; dealers finance and OEM; as well as alternative channels providing opportunities for distribution through B2B2C, affinities whilst leveraging digital innovative solutions within the Tokio Marine Group.

In 2018, the Japanese firm announced it had entered into agreements with Insurance Australia Group Limited (IAG) to acquire the latter’s Thailand and Indonesia businesses for A$525 million ($352 million). IAG’s Thai unit was Safety Insurance.

Tokio Marine then said the combination of Safety and itself will create the third-largest property and casualty insurance business with an 8 per cent market share, the largest among the foreign-owned insurers, and the second-largest motor insurer in Thailand.

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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.