MUANG THAI LIFE DENIES FORTIS FALLOUT

Another Asian insurer with links to Fortis has been pressed to issue a denial that it will face any financial fallout from the woes that have befallen Belgo-Dutch banking group. Thailand-based Muang Thai Life Assurance counts Fortis as a major shareholder by virtue of the 25% stake it holds, however Muang Thai Life president Sara Lamsam, dismissed any potential exposure to Fortis’s frailties by saying that these were connected to its banking operations and not the insurance side of the business. Furthermore Muang Thai Life is neither a branch nor a subsidiary of Fortis. The Lamsam family owns the remaining 75% share of Muang Thai Life and the company president added that the family is prepared to buy out Fortis should it be looking to sell its investment.