INSURERS LINE UP TO ACQUIRE THAI INSURERS

A number of insurers, including AIA Group and UK-based Prudential are considering bids to buy a 49% stake in the life insurance unit of Siam Commercial Bank, according to Reuters. The deal, if successful, would be one of Southeast Asia's biggest insurance transactions ever, it said. Other interested parties are said to include ACE Group (operating as Chubb) and Canada's Manulife Financial Corp. Last week, Thailand-based insurer Thaisri Insurance agreed to sell a 40% stake in the non-life insurer to Germany insurer and Munich Re subsidiary Ergo Group. After the deal closes, Ergo and Thaisri will look to expand the business in Thailand.