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Asuransi MAG, Fairfax Indonesia to complete merger this month
The local unit of Toronto-based financial holding firm Fairfax is optimistic about completing its merger with publicly listed general insurer Asuransi Multi Artha Guna (MAG) by year-end.
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Joining forces: Hong Kong-based insurance company Fairfax Asia Ltd chairman Ramaswamy Athappan (left) and and publicly listed insurance firm Asuransi Multi Artha Guna president director Linda Juliana J.L. Delhaye prepare for a press briefing on Nov. 5 in Jakarta. (JP/Anton Hermansyah)
The local unit of Toronto-based financial holding firm Fairfax is optimistic about completing its merger with publicly listed general insurer Asuransi Multi Artha Guna (MAG) by year-end.
Fairfax Asia Ltd chairman Ramaswamy Athappan said Fairfax Insurance Indonesia’s portfolio, including 17,000 policyholders and 100 insurance agents, would be transferred to Asuransi MAG as the surviving entity. Asuransi MAG currently has 200,000 policyholders and 250 agents.
“After the portfolio transfer is done, we will return Fairfax Indonesia's insurance license to the authority,” Athappan said at a press conference in Jakarta on Monday.
Fairfax Asia Ltd., a subsidiary of the Fairfax Group, is the holding company for operating companies in Asia, which are spread across India, China, Malaysia, Singapore, Hong Kong, Thailand, Sri Lanka, Vietnam and Indonesia.
Athappan said the merger would benefit both companies, with Fairfax Indonesia focusing on the corporate market and Asuransi MAG on retail customers.
In June 2014, Fairfax Asia Ltd. acquired Batavia Mitratama Insurance and changed it to Fairfax Indonesia.
In October, it completed the purchase of 80 percent of Asuransi MAG shares from Panin Group. (hwa)
