FWD Group has completed the acquisition of Siam City Insurance
Investment demonstrates regional insurer’s commitment to Thailand’s growing insurance market
Bangkok, 23 December 2019 – FWD Group (“FWD”) today announced it has completed the acquisition of Siam City Insurance (“SCI”). SCI is an established general insurance provider in Thailand, founded in 1948.
SCI customers will not be affected by the change of ownership and will continue to receive their protection, benefits and customer services in accordance and with the terms of their policies. All existing SCI policies will continue to be honoured by FWD.
The acquisition is part of the Group’s growing general insurance proposition in Thailand and in the region. FWD is focused on creating fresh customer experiences, with easy-to-understand products, supported by digital technology.
Rob Schimek, Managing Director and Group Chief Operating Office, FWD Group, commented, “We are excited to be welcoming the SCI team into the FWD family, and we look forward to growing our general insurance offering here in Thailand. SCI will play an important role in us realising our ambition to capture Thailand’s tremendous digital growth opportunity as we endeavour to change the way people feel about insurance.”
Kulvat Janvatanavit, Director of SCI, commented, “This is an exciting new chapter for our customers, teams and partners. FWD will extend its best-in-class insurance platform and extensive experience to SCI, enabling us to enhance our operational capabilities and better serve the evolving needs of customers in Thailand.”
FWD Group has grown rapidly across the region, establishing itself as an innovative and dynamic player in Hong Kong, Macau, Thailand, Indonesia, the Philippines, Singapore, Vietnam, Japan and Malaysia. It currently serves more than 7 million customers and has over 6,400 employees across the Asia region. FWD also completed the acquisition of Siam Commercial Bank Life in September 2019. As of the end of third quarter this year, FWD has three million customers and group members and more than 2,300 employees in Thailand.
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About Siam City Insurance
Siam City Insurance (SCI) is an established general insurance business founded in 1948 by Praya Tonavanikmontri (Mr.Visut Tonavanik), a former Minister of Finance, offering the Thai market a number of general insurance products. In 1994, the major shareholder changed to Siam City Bank Pcl. and it was renamed as Siam City Insurance Co., Ltd. In 2012, Siam City Insurance Company Limited was converted into a Public Company Limited. Siam City Insurance Company Limited converted into Public Company Limited to be in accordance with the Public Company Limited Act B.E. 2535 (amended B.E. 2551).
About FWD Group
FWD Group spans Hong Kong & Macau, Thailand, Indonesia, the Philippines, Singapore, Vietnam, Japan and Malaysia, offering life and medical insurance, general insurance, employee benefits, Shariah and family takaful products across a number of its markets.
FWD is focused on creating fresh customer experiences, with easy-to-understand products, supported by digital technology. Through this customer-led approach, FWD aims to become a leading pan-Asian insurer that changes the way people feel about insurance.
Established in Asia in 2013, FWD is the insurance business of investment group, Pacific Century Group.
For more information please visit WWW.FWD.COM