New MTI will list next week

The company was created by the merger of Muang Thai Insurance and Phatra Insurance and is Thailand's sixth-largest general insurer, enjoying a 3.4-per-cent market share, says chairman Photipong Lamsam.

The new company has registered capital of Bt590 million and 59 million shares at par value of Bt10 apiece. Following the merger, each Phatra Insurance and MTI share can be converted into 1.9588 and 0.5083 shares, respectively, of the new entity.

Leadership duties at the new MTI will be shared between co-managing directors Nualphan Lamsam and Kritaya Lamsam. Nualphan will look after sales, distribution and marketing, while Kritaya will oversee back-office operations, such as information technology and claims.

The Lamsam family is the major shareholder, with 38 per cent of shares. Fortis holds 15 per cent, Kasikornbank 6 per cent and Loxley 5.4 per cent, with the remaining 35.6 per cent distributed among minority shareholders.

MTI said it planned to increase its gross premiums 20 per cent to Bt4 billion this year. Motor insurance accounts for 45 per cent of its business.