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Managing director Vorasak Kriangkomol said the company was considered a newly established insurer under the AP Group, which acquired all of Advanced Insuance from the Soon Hua Seng Group three months ago and changed the name to APF International Insurance.

The acquisition left the company with cash flow of Bt80 million. It plans to increase its paid-up capital from Bt477 million to Bt527 million this month, with Bt20 million of the proceeds to be used for investing in bonds (80 per cent) and stocks (20 per cent).

The remaining Bt30 million is expected to be enough for expansion next year.

Vorasak said the company planned to gradually increase its paid-up capital by a further Bt300 million to Bt827 million next year. This is to maintain its capital-adequacy ratio in line with regulations governing the insurance sector.

For next year's business plan, the company has cut its target for first-year premiums from Bt1 billion to Bt600 million, Bt500 million of which will be from motorcycle cover.

"We expect to receive a gross margin at 5 per cent of total premiums, or Bt30 million, next year," Vorasak added.