PARAMOUNT AGREES TO ACQUIRE QBE’S BUSINESS IN THE PHILIPPINES
Paramount Life & General Insurance Corporation (“Paramount”) today announces that it has entered into definitive, conditional agreements with QBE Asia Pacific Holdings Limited (“QBE”) and Seaboard Eastern Insurance Co., Inc (“Seaboard”) to acquire a 100% interest in QBE Seaboard Insurance Philippines, Inc. (“QBE Seaboard”). The acquisition will further enhance Paramount’s footprint and position in general insurance in the Philippines and is in line with its strategic priority to accelerate growth.
Commenting on the transaction, Patrick L. Go, Chairman and Chief Executive Officer said:
“The opportunity to bring these two organizations together will be another important milestone in realizing Paramount’s goal to become a leading insurance company in the Philippines.
Each has a heritage of strength in distribution through local agencies, which together will serve existing customers better and enable us to reach out to many more Filipinos, both globally and nationwide. QBE Seaboard’s portfolio in commercial lines will add to our existing customer, segment and product offerings. After completion of the sale, both existing clients and intermediaries can look forward to a larger network of branches and a continuing partnership with a local company that truly understands and is committed to the Philippine market.
Paramount & QBE Seaboard know each other well and share similar values. We will work together with the employees and channel partners of QBE Seaboard to bring the two businesses together ensuring a smooth transition for all our stakeholders.”
The transaction is expected to be completed in the first half of the calendar year 2019, subject to the appropriate regulatory approvals in the Philippines.