Ace Thailand

ACE to buy Thailand insurer

The NYSE-listed multiline property and casualty insurer agreed to buy Siam Commercial Samaggi Insurance for about $185 million, the latest in a string of M&A deals in the sector.

ACE, a NYSE-listed multiline property and casualty insurer with operations in 54 countries, said on Monday it plans to buy Siam Commercial Samaggi Insurance for about $185 million.

Global insurers see Southeast Asia as their sweet spot given the potential for growth due to low penetration rates in the region’s fast-growing economies. Last year insurance MA in the region totaled $2.6 billion across 24 deals according to data provider Dealogic.

Reinsurer Swiss Re estimates that life insurance premiums in 2014 will grow 9.9% across the emerging economies of Asia well above its estimate of 3.9% globally. Swiss Re forecast life insurance and non-life premiums...

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