The majority shareholders of Thailand-based Syn Mun Kong Insurance are reportedly planning to reduce their stake in the insurer.
They have picked several suitors such as Assicurazioni Generali and Liberty Mutual Group for the divesture, Bloomberg reported citing sources.
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Syn Mun Kong’s deal could be valued at nearly $200m. It could include a fresh investment of approximately $100m as well.
The talks are still ongoing and the details related to deal structure and size could change.
As per Syn Mun Kong’s 2020 annual report, it offers auto, health, accident, and travel insurance coverages.
As of May 2020, the Dusdeesurapot family led by chairman Reungvit Dusdeesurapot had a 36% stake in Syn Mun Kong. It held another 25% stake through Dusdeesurapot Holding.
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By GlobalDataFounded in 1951, the insurer reported a net profit of $22.5m in 2020, which was nearly 19% more than 2019.
Syn Mun Kong’s shares dropped over 40% in 2021, which valued the firm at about $129m.
In September this year, Thai insurtech Sunday raised $45m in a Series B funding round to expand retail product range and enter the Indonesian market.
In other Asian insurance news, recently, insurance giant Chubb brokered a deal to buy Cigna’s Asia-Pacific businesses for $5.75bn.
As per the agreement, Chubb will take over Cigna’s operations in Korea, Taiwan, New Zealand, Thailand, Hong Kong, and Indonesia and its stake in a joint venture in Turkey.
