The controlling shareholders of Thai insurer Syn Mun Kong Insurance Pcl are looking at the sale of a majority stake in the firm and have picked several strategic players to advance into the next round of bidding, according to people familiar with the matter.
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The people said that Assicurazioni Generali SpA and Liberty Mutual Group are among those selected to advance, but they asked not to be named as the matter is private. Syn Mun Kong is working with an adviser on the deal, which could be valued at around $200 million, they said. They added that the sale could include a fresh investment of around $100 million.
Details on deal structure and size could be changed as details on deal structure and size are not known to be changed, they added. Representatives for Generali and Liberty did not respond to requests for comment, while a representative for Syn Mun Kong couldn't respond immediately to requests for comment.
The Bangkok-based insurer, founded in 1951, offers products including auto, health, accident and travel insurance, according to its 2020 annual report.
The annual report shows that the Dusdeesurapot family, headed by Chairman Reungvit Dusdeesurapot, had a 36% stake in the insurer as of May 27, 2020. The family held another 25% of the family's holdings via Dusdeesurapot Holding Co.
Syn Mun Kong reported a net profit of 757.4 million baht $22.5 million in 2020, an increase of nearly 12% from the year before, according to the annual report. The insurer's share price went up by more than 40% this year, giving it a market value of about $129 million.
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