3 February 2020 Insurance

Tokio Marine and Safety Insurance complete their integration

Tokio Marine Insurance (Thailand) (TMITH) and Safety Insurance (Safety) have completed the integration of their two companies, which has been approved by the Office of Insurance Commission (OIC).

Suteechai Santivarakum takes on the role of CEO and Hironori Kiryu becomes president of the newly created Tokio Marine Safety Insurance (Thailand) (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 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 maximise 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 Bt 21 Billion, [$680 million] and a net profit of Bt 1.1 Billion in 3 years’ time, with continued growth of 4 to 5 percent every year. It is our goal to be the most trusted insurer in Thailand.”

Hironori Kiryu, president of TMSTH added: “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 and 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.”

Saloon Tham, chief executive officer of Tokio Marine Asia said: “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.”

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 while leveraging digital innovative solutions within the Tokio Marine Group.

Tokio Marine was established in 1879 as the first insurance company in Japan and has grown over the decades, now offering an extensive selection of general and life insurance products and solutions in 45 countries.

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