Bo-eun leads the digital content team. She has covered foreign affairs, North Korea, tech, economy and gender issues at The Korea Times. She did a short stint at the South China Morning Post in Hong Kong, where she obtained a new perspective on news production and life. Small sources of joy for her are lounging in the sun, having a good latte and swimming.
DB Insurance expanding presence abroad
DB Insurance CEO Kim Jeong-nam, left, shakes hands with Tan Holdings President Jerry Tan after signing a contract for DB to acquire shares of Tan Holding-owned Century Insurance Company subsidiaries, in Guam, June 26. Courtesy of DB Insurance
By Kim Bo-eun
By Kim Bo-eun
DB Insurance has expanded its presence abroad by acquiring subsidiaries of Century Insurance Company (CIC) operating in Guam, Saipan and Papua New Guinea, the insurer said Tuesday.
DB acquired 80 percent of the shares of CIC subsidiaries based in each region.
CIC is owned by the Saipan-based Tan Holdings, a holdings company that operates affiliates in sectors including information technology, financial services, logistics services, retail and wholesale distributions.
CIC ranks among the top insurers in Guam, Saipan and Papua New Guinea.
DB has operated in Guam since it established a subsidiary there in 1984.
It is aiming to become no. 1 in the Guam market, through integrating its subsidiary and CIC.
Through the acquisition, DB also has hopes to improve opportunities in Papua New Guinea, which is rich in energy resources including petroleum, gas and coal but has a low insurance penetration rate.
"We will develop CIC into the most competitive insurer in Guam, Saipan and Papua New Guinea with the professional capabilities DB holds in the insurance business and Tan Holdings' understanding of the local market,” DB Insurance CEO Kim Jeong-nam said.
DB will complete the acquisition of CIC's shares and gain approval for foreign direct investment in the second half of this year.
DB, which earlier established subsidiaries in Guam and Hawaii, opened subsidiaries in California in 2009 and in New York in 2011.
In 2013, DB launched a joint venture with China's Ancheng Property & Casualty Insurance, after acquiring shares of the firm.
In addition, DB is taking part in the management of Vietnam's Post and Telecommunications Insurance, after becoming its largest shareholder in 2015.
DB is also seeking new opportunities through its offices in China, Indonesia and London.