Tokio Marine has reached an agreement to form a joint venture general insurance company with Grand Guardian Insurance Holding (GGIH) to foray into the general insurance market of Myanmar.

Under the arrangement, the Japanese insurer will acquire a 35% stake in Grand Guardian General Insurance Company (GGGI), the casualty arm of GGIH.

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Tokio Marine Myanmar JV

The investment is likely worth about JPY5bn ($44.7 million), according to asia.nikkei.com.

The move follows the Myanmar government’s decision in January this year to allow foreign insurance companies to offer products in the country either on their own or through joint ventures.

Interested foreign non-life insurers are required to file application to form joint ventures ended last Friday. For life insurers, the application period ends on May 3.

The government is expected to announce the names of shortlisted applicants by end of May this year.

“In markets with high growth potential where we aspire to significantly expand into, we will accelerate our strategic M&A initiatives for the further growth and diversification of our global portfolio.” Tokio Marine said in its press statement.

As part of its growth strategy, Tokio Marine acquired Thailand general insurance company Safety Insurance last year.

It also acquired a 22.5% stake in Hollard Holdings and Hollard International, insurance group in South Africa and adjacent countries, in 208.

Other foreign insurers in the fray to acquire the licence include Nippon Life Insurance, MS&AD Insurance Group Holdings subsidiary Mitsui Sumitomo Insurance, Sompo Holdings, and Meiji Yasuda Life Insurance, asia.nikkei.com report added.