LeapFrog and Lombard invest in SMK Insurance
- LeapFrog Investments, Lombard Investments, and Syn Mun Kong Insurance Public Company Limited (“SMK”) [SMK:Bangkok] announced today that LeapFrog and Lombard will each acquire approximately 11% of SMK, from Royal & Sun Alliance Insurance Plc (“RSA”)
- SMK is Thailand’s second largest automobile insurer and fifth largest general insurer. Founded in 1951, SMK is well-placed to capture growth in Thailand, where insurance penetration is low but market demand accelerating
Bangkok, Thailand – 19 December 2014
LeapFrog Investments, Lombard Investments and Syn Mun Kong Insurance Public Company Limited (“SMK”) [SMK:Bangkok] announced today that LeapFrog and Lombard will each acquire approximately 11% of SMK from Royal & Sun Alliance Insurance Plc (“RSA”) of the United Kingdom.
SMK is a fast growing general insurer, operating Thailand’s second largest automotive insurance business with specialized health, personal accident, fire, marine and transportation insurance offerings as well. Thailand, home to 67 million people, represents an underpenetrated automotive insurance market now growing at an average rate of 18% per year between 2009 and 2012.
SMK’s CEO Reungdej Dusdeesurapoj announced: “We are delighted to partner with LeapFrog and Lombard, who together bring considerable business operating expertise to our firm. We expect to draw on LeapFrog’s unique experience in general insurance business in emerging markets, and access Lombard’s deep local market expertise in Thailand.”
Lombard Investments Managing Director Pote Videt, said “SMK is an outstanding family business with a demonstrated track record of growth and profitability. We believe the combined skills of Lombard and LeapFrog can contribute SMK to achieving higher levels of performance”.
LeapFrog Investments Partner and Co-Head of Asia Stewart Langdon, said “So much of good business is about the people; SMK is staffed with a performance focused management team responsible for creating an exceptional business. The team is in an ideal strategic position to capture rapid growth from the emerging consumer segment while delivering financial inclusion at scale. We are delighted to invest alongside Lombard, a well-established firm with an exceptionally successful, long term history of investment in Thailand.”