ERGO expands presence in South Asia

German-based ERGO Insurance Group is entering the Singapore insurance market by acquiring 100 percent of the property-casualty insurance company SHC Insurance Pte. Ltd. This acquisition will be another important milestone for the strategy of ERGO to expand its presence in South East Asia.

Approval for this transaction has already been granted by Singapore’s financial supervisory authority. The completion of the transaction is subject to approval by the shareholders of SHC Capital Asia Limited.

The property-casualty market in Singapore has grown at a rate of around ten percent annually over the last years and showed strong profitability with Combined Ratios just above 90 percent.

Entering the Singapore insurance market fits into ERGO’s interna-tional growth strategy, which focuses also on the highly attractive property-casualty markets in South East Asia. In this region, ERGO is already present in Vietnam where it holds 35 percent of shares in Global Insurance Company (GIC).