Tokio Marine has announced the completion of the integration between its Thai subsidiary, Tokio Marine Insurance (Thailand) PCL. (TMITH), and Safety Insurance Public Company Limited.
The combined company, which will officially launch as Tokio Marine Safety Insurance (Thailand) Public Company Limited’ (TMSTH), has now received approval from the Office of Insurance Commission (OIC) in Thailand.
Following the integration, Suteechai Santivarakum will take up the role of Chief Executive Officer, while Hironori Kiryu will become President.
Going forward, TMSTH will distribute its products and services through its branch service network spanning across Thailand, as well as through its Japanese clientele base operating in Thailand and Mekong countries.
It will also utilise agents and brokers with both local and international exposure, dealers finance and OEM, in addition to alternative opportunities for distribution through B2B2C and digital solutions within the Tokio Marine Group.
“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 Suteechai Santivarakum.
“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’,” he continued.
“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.”
Hironori Kiryu also commented: “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.”
“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.”
And finally, Saloon Tham, Chief Executive Officer of Tokio Marine Asia Pte Ltd., stated: “This integration will help accelerate our growth in the Thai market, as we look to expand our presence in the region.”
“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.”
