As it looks to extend its presence in Asian markets, Australia's largest car and home insurer Insurance Australia Group (IAG) has increased its interest in Thailand's Safety Insurance Public Company Limited.
Having increased its holding in Thailand’s general and motor insurance provider by 16.7%, IAG has a current shareholding in the company of 38.3%.
The group has confirmed it is now seeking to further increase its interest through a general tender offer to all Safety Insurance shareholders. The offer price implies a value of approximately A$87m for 100% of the company and the outcome of the tender process is expected to be known over the following month.
The Australian company sees the move as another step towards ensuring that it will be a key player in the fast growing Thai insurance industry.