IAG is set to increase its stake in Thailand’s Safety Insurance Public Company after acquiring an additional 16.7% interest, taking its existing 21.6% shareholding, acquired in October 1998, to 38.3%.

The company wants to further increase its interest through a general tender offer to all Safety Insurance shareholders. 

The offer price values Thailand’s seventh-biggest insurer – which generates $100 million in gross written premium a year – at approximately $87 million for 100% of the company.

IAG says increasing the group’s interest in Safety Insurance is another step towards ensuring the company will be a key player in the fast-growing Thai insurance industry, in line with its Asian expansion strategy.

IAG acquired another Thai insurer, IAG Thailand (formerly Royal & SunAlliance), in July last year.