Tokio Marine to enter Myanmar general insurance market via JV with Grand Guardian
Tokio Marine Holdings is looking to enter Myanmar's general insurance market by forming a joint venture with Grand Guardian Insurance Holding Public Company (GGIH).
The specialty insurer, though its subsidiary Tokio Marine & Nichido Fire Insurance, is acquiring a 35 percent stake in Grand Guardian General Insurance Company (GGGI).
The company is also applying for a license to form a joint venture company with GGIH.
Tokio Marine said the move is a part of its strategy to expand its international business by pursuing strategic M&A initiatives in both developed and emerging markets.
The company acquired an underwriting license in Myanmar’s Thilawa Economic Zone in May 2015 and has been providing insurance coverage mainly to Japanese clients operating within this zone. In July 2017, Tokio Marine Group concluded the agreement for technical collaboration with GGGI.
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