ZURICH--(BUSINESS WIRE)--
ACE Limited (NYSE: ACE) announced today that the company and its local
partner have acquired a 60.9% stake in The Siam Commercial Samaggi
Insurance PCL, a general insurance company in Thailand, from Siam
Commercial Bank.
Established in 1947 and listed on the Stock Exchange of Thailand,
Bangkok-based Siam Commercial Samaggi Insurance is a major writer of
auto, small commercial and personal accident insurance and distributes
its products through both Siam Commercial Bank’s branches and
independent agents through the insurer’s own branch network. In 2013,
the insurer had approximately $155 million in gross premiums written.
“We are pleased to complete the acquisition of a majority stake in Siam
Commercial Samaggi Insurance,” said Evan G. Greenberg, Chairman and
Chief Executive Officer, ACE Limited. “This transaction provides a good
strategic fit and is quite complementary to our longstanding presence in
Thailand and Southeast Asia. The addition of this well-established and
trusted insurer in Thailand will accelerate our growth plans by
expanding our product and distribution capabilities throughout the
country. We also look forward to building on the existing relationship
that the company currently has with Siam Commercial Bank, one of
Thailand’s largest and most venerable financial institutions.”
In compliance with Thai regulations, ACE and its local Thai partner will
make a mandatory tender offer for the remaining 39.1% of Siam Commercial
Samaggi Insurance. The total transaction is valued at approximately $190
million at current exchange rates.
ACE Group is one of the world’s largest multiline property and casualty
insurers. With operations in 54 countries, ACE provides commercial and
personal property and casualty insurance, personal accident and
supplemental health insurance, reinsurance and life insurance to a
diverse group of clients. ACE Limited, the parent company of ACE Group,
is listed on the New York Stock Exchange (NYSE: ACE) and is a component
of the S&P 500 index. Additional information can be found at: www.acegroup.com.
Cautionary Statement Regarding Forward-Looking
Statements:
All forward-looking statements made in this press release related to
ACE's share purchase of Siam Commercial Samaggi Insurance PCL and tender
offer, or otherwise, reflect ACE’s current views with respect to future
events, business transactions and business performance and are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such statements involve risks and
uncertainties, which may cause actual results to differ materially from
those set forth in these statements. For example, ACE’s forward-looking
statements related to Siam Commercial Samaggi Insurance PCL and the
anticipated purchase transaction and tender offer could prove incorrect
if the transaction were to not close, if Siam Commercial Samaggi
Insurance PCL were to perform differently than currently expected by ACE
or if expense-related efficiencies are not realized. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the dates on which they are made. The
company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Source: ACE Limited