Tokio Marine Insurance (Thailand), the local subsidiary of Japan’s Tokio Marine, has completed its merger with Safety Insurance Public Company.
The merger was approved by the Office of Insurance Commission (OIC).
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The combined firm will operate as Tokio Marine Safety Insurance (Thailand) Public Company Limited (TMSTH). It aims to utilise its established branch service in Thailand to distribute its products and services.
TMSTH also plans to leverage local Japanese clientele base as well as agent and broker network among others to strengthen its footprint.
Hironori Kiryu has been appointed as the president of the newly created firm, while Suteechai Santivarakum will be its CEO.
Santivarakum said: “I would like to take this opportunity to inform our customers, business partners, agents, brokers and all stakeholders that the legal process of integration of TMITH and Safety has been officially completed and approved by the OIC.
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By GlobalData“I believe that this is a new beginning for the two companies to work as ‘One Team’ to maximise our respective competitive advantages for our shared path to ‘Foster A Sustainable Future’.
“TMSTH aims to be one of Thailand’s leading insurers with a GWP target of THB 21 Billion, and a Net Profit of THB 1.1 Billion in 3 years’ time, with continued growth of 4 to 5% every year. It is our goal to be the most trusted insurer in Thailand.”
