Starr’s Bermuda unit to make acquisition in Thailand

Starr Insurance Companies will use its Bermuda-based insurance company, Starr Insurance & Reinsurance, to acquire a new business in Thailand.

It has come to an agreement with FPG Insurance Holdings and local Thai shareholders to purchase FPG Insurance Public Company, a Thai non-life insurance company, together with local Thai parties.

Starr said it expects to strengthen local product offerings with tailored commercial insurance and Accident & Health products and plans to further maximize its growth by recruiting and developing local Thai insurance talent. Previously, Starr supported the Thai insurance market primarily through its provision of reinsurance products, including Technical Risks, Casualty, Marine, and A&H products.

“Thailand is an important, fast-growing insurance market — one of the cornerstones of the Southeast Asia economy,” said Maurice Greenberg, Starr’s Chairman & CEO. “Asia is both commercially and culturally important to Starr, as we trace our roots to an American-owned company founded in Shanghai more than 100 years ago. We look forward to serving the needs of local Thai companies and consumers through this new insurance capability.”

David Zuellig, FPG regional chairman, said: “This transaction reflects the standing of our franchises and is the product of the hard work, persistence, and determination of the FPG Thailand team despite challenging market conditions. The team is excited and ready to work with Starr in bringing the company to the next level.”