FWD Group has completed its acquisition of Siam City Insurance (SCI), a Thailand-based general insurance company that was founded in 1948.
The acquisition, which was finalised in late December 2019, is part of the FWD plan to grow its general insurance footprint in Thailand and in the region. According to a statement by FWD, it wants to create a new customer experience, with easy-to-understand products and supported by digital technology.
The move comes a few months after FWD’s acquisition of the life insurance arm of Siam Commercial Bank (SCB) in September 2019.
“We are excited to be welcoming the SCI team into the FWD family, and we look forward to growing our general insurance offering here in Thailand,” said Rob Schimek, managing director and group chief operating officer of FWD Group. “SCI will play an important role in us realising our ambition to capture Thailand’s tremendous digital growth opportunity as we endeavour to change the way people feel about insurance.”
According to FWD, it will continue to honour all existing SCI policies. Its customers will not be affected by the change of ownership and will continue to receive all benefits and services as stated in the terms of their policies.
