TMSTH will distribute their products and services through its established branch service network
Tokio Marine Insurance (Thailand) PCL. (“TMITH”) and Safety Insurance Public Company Limited (“Safety”) have announced the completion of the integration of their two companies, which has been approved by the Office of Insurance Commission (OIC). Mr. Suteechai Santivarakum took on the role of ‘Chief Executive Officer’ and Mr. Hironori Kiryu was appointed as ‘President’ of the newly created ‘Tokio Marine Safety Insurance (Thailand) Public Company Limited’ (TMSTH).
“I would like to take this opportunity to inform our customers, business partners, agents, brokers and all stakeholders that the legal process of integration of TMITH and Safety has been officially completed and approved by the OIC,” said Mr. Suteechai Santivarakum, Chief Executive Officer of TMSTH. “I believe that this is a new beginning for the two companies to work as ‘One Team’ to maximize our respective competitive advantages for our shared path to ‘Foster A Sustainable Future’. TMSTH aims to be one of Thailand’s leading insurers with a GWP target of THB 21 Billion, and a Net Profit of THB 1.1 Billion in 3 years’ time, with continued growth of 4 to 5% every year. It is our goal to be the most trusted insurer in Thailand.”
“I strongly believe that the integration will create ‘Synergy’ and greater benefits for all, enhancing our capabilities and strengths to strive in Thailand’s insurance industry, as well as maximizing the benefits for our customers,” said Mr. Hironori Kiryu, President of TMSTH. “The Tokio Marine Group will utilize and share its knowledge and global expertise to support various business functions, as well as our Agents & Brokers and business partners, to deliver quality services to our customers nationwide. Our ultimate goal is not only to achieve revenue and profitability, but more importantly, to contribute to Thai society.”
“This integration will help accelerate our growth in the Thai market, as we look to expand our presence in the region,” said Mr. Saloon Tham, Chief Executive Officer of Tokio Marine Asia Pte Ltd. “With the completion of this integration, TMSTH will become one of the largest operations in the Asia region for the Tokio Marine Group, and I expect TMSTH to play an important role for the future growth in Asia.”
TMSTH will distribute their products and services through its established branch service network spanning across Thailand; Japanese clientele base operating in Thailand and Mekong countries; agents and brokers with both local and international exposure; dealers finance and OEM; as well as alternative channel providing opportunities for distribution through B2B2C, affinities whilst leveraging digital innovative solutions within the Tokio Marine Group.
Source: Company Press Release