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

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.