FWD acquires Siam City Insurance, upbeat on goal in Thailand
FWD Group (FWD) has completed the acquisition of Siam City Insurance (SCI), according to a FWD statement on Monday (December 23), which also reassured SCI customers that they will not be affected in any way by the change of ownership and will continue to receive their protection, benefits and client services in accordance with the terms of their policies.
All existing SCI policies will be honoured by FWD, it added.
The acquisition is part of FWD group's growing general insurance proposition in Thailand and the region.
Rob Schimek, Managing Director and Group Chief Operating Office of FWD Group, commented: "We welcome the SCI team into the FWD family, and look forward to grow our general insurance offerings in Thailand. SCI will play an important role in 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, said: "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 also took over Siam Commercial Bank Life in September 2019, and as of the end of the third quarter this year, it had three million customers and group members and more than 2,300 employees in Thailand.
FWD Group activities span 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.
Established in Asia in 2013, FWD is the insurance arm of investment group, Pacific Century Group.
