이 누리집은 대한민국 공식 전자정부 누리집입니다.
Biz News Korea(Eng)
- Collected
- 2019.07.01
- Distributed
- 2019.07.02
- Source
- Go Direct
[Photo provided by DB Insurance Co.]
South Korea’s non-life insurer DB Insurance Co. is set to acquire three units of Century Insurance Company (CIC) operating in Guam, Saipan and Papua New Guinea.
The company announced Monday that it signed a contract with CIC’s parent company Tan Holdings to take over an 80 percent stake in each of the three CIC units on June 26 at Hyatt Regency Guam Hotel.
The acquisition is expected to help DB Insurance expand its presence in the global market. The non-life insurance company has had a branch in Guam since 1984 and will merge the business with CIC.
The company acquired CIC in Papua New Guinea because there is a great growth potential in the relatively small insurance market in the Oceanian country with population of 7 million. DB Insurance chief executive officer Kim Jung-nam said he aims to make CIC a leading insurance company in each of the three regions based on DB’s expertise and Tan Holding’s vast networks.
Tan Holdings is a mid-sized conglomerate based in Saipan and runs 18 subsidiaries engaging in various businesses including logistics, energy, real estate, retail, energy and non-life insurance in Guam, the U.S. and the Commonwealth of the Northern Mariana Islands.
DB Insurance has been aggressively broadening its global outreach. It opened a branch in California in 2009 and in New York in 2011. The company acquired a 15 percent stake in China’s Ancheng Property & Casualty Insurance Co. and launched a joint venture in 2013. In 2015, it became the largest shareholder of Vietnam’s Post & Telecommunications Insurance (PTI) by taking over a 37 percent stake.
By Kim Gang-rae and Choi Mira
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