Munich Re subsidiary Ergo has purchased a 40.26% stake in Thailand-based Thaisri Insurance from Pailuck Company for an undisclosed sum.
The acquisition allows Ergo to expand its insurance operations in Asia.
Thaisri provides a range of property and casualty insurance products, specifically focusing on motor and property insurance.
The company generated a premium income equivalent to €50.3m last year.
With around 450 employees, the company operates around 70 branches, agent offices and service centres across the nation.
Once the deal concludes, the members of the founding families Panichewa and Srifuengfung will have a 59.74% stake in the Thaisri Insurance.
The deal is subject to regulatory approval and customary closing conditions.
Last November, Cinven agreed to acquire Ergo Italia to expand insurance operations in the Italian market.
Based in Milan, Ergo Italia provides life and non-life insurance products in Italy, through its life firm Ergo Previdenza and non-life firm Ergo Assicurazioni.
With operations in around 30 European and Asian countries, Ergo provides a comprehensive spectrum of insurance, provision and services.
Image: Ergo has acquired a 40.26% interest in Thaisri Insurance. Photo: courtesy of ERGO Group AG.