Bangkok-based Siam Commercial Samaggi was established in 1947 and offers auto, small commercial and personal accident insurance products and services.
The company distributes its products using both Siam Commercial Bank’s branches and independent agents through the insurer’s own extensive branch network.
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The insurer had nearly $138m in gross premiums written in 2012.
ACE chairman and CEO Evan Greenberg said, "This transaction presents an excellent opportunity for ACE to further build our business in this fast-growing market by expanding our presence in personal and small commercial insurance.
"We are confident that over the medium and long term this business will provide outstanding value to our customers and business partners and generate superior returns for our shareholders, and we expect this transaction will be immediately accretive to our earnings."
The transaction is expected to conclude during the second quarter of 2014, which is subject to due diligence by ACE and customary closing conditions.
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By GlobalDataBarclays and Siam Commercial’s investment bank advised Siam Commercial Bank on the sale while Citigroup advised ACE.
