Ergo buys SHC Insurance to establish presence in Singapore

Scott Vincent

Ergo, Munich Re’s primary arm, has bought Singapore-based property/casualty insurer SHC Insurance for around €66m ($89.7m). Jochen Messemer, a member of Ergo’s board of management, said it was aiming to steer its operations in south-east Asia through a management team in Singapore, and this acquisition formed part of that purpose. The deal is subject to approval by Singapore regulators.