NAVAKIJ TO ACQUIRE UNDERWRITING PORTFOLIO OF OCEAN GENERAL

Thailand-based Navakij Insurance is to acquire the book of locally based insurer Ocean General in a paper-based deal. Navakij will issue 2.057m new shares as part of the agreement. Navakij president Nipol Jeerawong said that “after selling approximately 6.86% of our share capital to Ocean, the company’s financial position will become considerably stronger. In addition, the consolidation of our insurance business with Ocean, which had gross written premiums of 385.01m baht in 2005, will help [Navakij] gain market share”.