LeapFrog, Lombard to accumulate Stakes in Thai Insurer SMK from RSA

LeapFrog Investments, Lombard Investments, and Syn Mun Kong coverage Public organisation confined (SMK) [SMK:Bangkok] introduced these days that LeapFrog and Lombard will each acquire approximately 11 percentage of SMK, from Royal & solar Alliance coverage p.c (RSA).

The undertaking is the second acquisition in which LeapFrog, a non-public fairness firm with a focus on Africa and Asia, has been involved lately. ultimate month it offered a majority stake in Kenya’s resolution insurance.

The bulletin said: “SMK is Thailand’s second biggest vehicle insurer and 5th largest fashionable insurer. founded in 1951, SMK is well-located to capture growth in Thailand, in which coverage penetration is low however marketplace demand accelerating.”

SMK is growing at a fast tempo. further to its strong role in automobile coverage its preferred insurance operations include specialised health, private twist of fate, hearth, marine and transportation insurance offerings.

Thailand’s population is around 67 million humans, and “represents an underpenetrated automotive coverage marketplace now developing at a median fee of 18 percentage per yr between 2009 and 2012,” stated the statement.

SMK’s CEO Reungdej Dusdeesurapoj expressed his satisfaction at becoming a companion with LeapFrog and Lombard. He indicated that collectively they could “carry substantial business operating information to our company. We anticipate to draw on LeapFrog’s specific revel in in trendy coverage business in emerging markets, and get right of entry to Lombard’s deep nearby market know-how in Thailand.”

Lombard Investments handling Director Pote Videt, stated: “SMK is an super circle of relatives business with a demonstrated song record of boom and profitability. We believe the combined skills of Lombard and LeapFrog can make contributions SMK to attaining higher degrees of overall performance”.

LeapFrog Investments partner and Co-Head of Asia Stewart Langdon, delivered: “so much of desirable commercial enterprise is about the humans; SMK is staffed with a performance centered management group answerable for creating an excellent commercial enterprise. The team is in an ideal strategic role to capture fast growth from the emerging customer segment while turning in financial inclusion at scale. we are delighted to make investments along Lombard, a properly-established company with an exceedingly a hit, long term records of investment in Thailand.”