South Korea-based DB Insurance has reached an agreement to acquire Century Insurance Company’s (CIC’s) subsidiaries in Guam, Saipan, and Papua New Guinea.
Pursuant to the terms of the agreement, the insurer will buy 80% stakes in each of the CIC’s subsidiaries in the Pacific markets, reported the Korea Times.
CIC is owned by Tan Holdings, a firm that has business interests in various sectors, such as information technology, financial services, logistics services, retail and wholesale distributions.
DB believes expansion in insurance deficit Papua New Guinea, which has ample energy resources, will help the company to tap the market.
DB Insurance CEO Kim Jeong-nam told the publication: “We will develop CIC into the most competitive insurer in Guam, Saipan and Papua New Guinea with the professional capabilities DB holds in the insurance business and Tan Holdings’ understanding of the local market.”
Subject to regulatory approvals, the transactions are expected to be concluded in the second half of this year.
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DB earlier established subsidiaries in Guam and Hawaii. It also launched in California and New York in 2009 and 2011, respectively.
DB launched a joint venture (JV) with Chinese insurer Ancheng Property & Casualty Insurance in 2013.