ALLIANZ BUYS INTO THAI INSURER

German-based insurance group Allianz has increased its stake in Thailand’s non-life insurer Ayudha Insurance. Another 15.3m shares have been purchased for an undisclosed amount from Myriad Materials, raising Allianz’s share from 10.72% to 16.84%. According to Ayudhya president Adisorn Tantianankul, the acquisition is for investment reasons and will have no repercussions in terms of the insurer’s policy, strategy or management team. Allianz first entered the Thai insurance sector six years ago when it purchased a large stake in Ayudhya’s life insurance arm, later prompting a name change from Ayudhya CMG Life to Ayudhya Allianz Life. Its interest in Ayudhya’s non-life business began last year when it purchased its 10% stake.