MILLER CONFIRMS TUNE INSURANCE EXPANSION PLANS

Malaysia-based Tune Ins Holdings is still looking to buy insurers in Indonesia and Thailand, before expanding further into the South-East Asian sector, CEO Peter Miller told the Malaysian Star business section at the weekend. In September last year Tony Fernandes, co-owner of Tune with Kamarudin Meranun, said last September said that the insurer would be looking for acquisitions in Thailand, Indonesia and the Philippines ( IIN 24, September 28 2012). Mr Miller gave no timeline for the acquisitions, but said that Tune could leverage its ownership of AirAsia to gain a competitive edge in Thailand and Indonesia. Tune Ins has an 83% stake in Tune Insurance Malaysia Bhd, formerly Oriental Capital Assurance Bhd (OCA), most of which was bought last May. It had been believed that Tune Ins would go for an initial public offering early this year, but Mr Miller did not commit to any timeframe for an IPO.