Chubb to Acquire Liberty Mutual’s P&C Insurance Businesses in Thailand and Vietnam
Chubb Limited (NYSE: CB) announced agreements to acquire the insurance businesses of Liberty Mutual in Thailand and Vietnam. The terms were not disclosed.
The two companies — LMG Insurance in Thailand and Liberty Insurance in Vietnam — offer a range of consumer and commercial P&C products, including Automotive, Accident & Health and Non-Motor insurance such as fire/property and industrial all-risk. This portfolio is coupled with complementary distribution through 56 branches, 2,600 brokers and agents, and 26 finance partners. The combined operations produced approximately $275 million in net premiums written in 2024.
The transactions are expected to be completed by second quarter of 2025 (Thailand) and late 2025 / early 2026 (Vietnam) and are subject to required regulatory approvals and customary closing conditions.
Deutsche Bank finances Pepperl+Fuchs’s sustainable factory in Vietnam
Pepperl+Fuchs today announced the inauguration of a new sustainable manufacturing facility in Vietnam, which has been financed with a USD 15m green loan from Deutsche Bank. The loan and associated advisory services from Deutsche Bank allowed the German industrial sensor manufacturer to meet international green building standards and establish a model for seamlessly extending its global sustainability commitments to its operations in Asia. The facility produces industrial sensors for factory automation technologies including sensors, signal transmission devices and printed circuit board assembly and significantly expands the company’s production capacity in Vietnam.
The new manufacturing facility has obtained a LEED Gold certification. LEED (Leadership in Energy and Environmental Design) is a green building certification program developed by the US Green Building Council. It is a globally recognized benchmark for sustainability in real estate. Building projects earn points for addressing carbon, energy, water, waste, transportation materials, health, and indoor environment quality to achieve corresponding levels of certification; gold certification is the second highest level.
Pepperl+Fuchs Executive Vice President Global Finance, Andreas Bouche said: “We are proud to begin our ESG financing journey in Asia Pacific. Four of the eight countries globally where we operate manufacturing facilities are in this region, and the opportunity to help set a strong standard for responsible manufacturing in these developing economies is great.
“Deutsche Bank has been a reliable partner in this journey; we are glad to have benefitted from their valuable advice and practical ESG expertise in Asia Pacific”, Andreas Bouche
Pepperl+Fuchs Regional Director Finance Asia Pacific, Carmen Tai said: “We are happy to embark on Pepperl+Fuchs’ sustainability journey with Deutsche Bank in Asia Pacific through this new Vietnam manufacturing facility. As one of the key manufacturing sites in the Group’s global footprint, this new Vietnam factory shows our commitment to sustainable growth, and we look forward to continuing this journey in the Asia Pacific region.
Deutsche Bank Head of German, Austrian and Swiss MNCs in APAC Bernd Starke said: “We are delighted to have supported Pepperl+Fuchs with the financing to support construction of this LEED Gold certified factory. By opting to strive for the highest standards in environmentally friendly, socially responsible manufacturing, Pepperl+Fuchs have made clear that they take sustainability in their worldwide operations seriously.”
“This transaction exemplifies Deutsche Bank’s Global Hausbank strategy – we are committed to helping our clients in all regions and on all products, including support to companies like Pepperl+Fuchs in meeting their global sustainability standards in APAC”, Deutsche Bank Head of ESG for Asia Pacific Kamran Khan
Deutsche Bank Chief Country Officer for Vietnam Hyunh Buu Quang said: “Vietnam is playing an increasingly prevalent role in global manufacturing supply chains. Together with our clients, we are proud to help bring sustainable manufacturing benchmarks that are in line with international standards to Vietnam”.
Sun Life announces 15-year bancassurance partnership with TPBank in Vietnam
Sun Life Financial Inc. announced today that its subsidiary Sun Life Vietnam Insurance Company Limited (Sun Life Vietnam) and Tien Phong Commercial Bank (TPBank) have formed a 15-year bancassurance partnership in Vietnam.
The agreement combines TPBank’s distribution network with Sun Life Vietnam’s market-leading life insurance products, giving 2.5 million TPBank customers access to a comprehensive range of innovative insurance solutions.
The bancassurance partnership contributes to the company’s strategic priority to be a leader in Asia through distribution excellence in higher growth markets. Bancassurance is a promising, high-growth distribution channel for life insurance in Vietnam.
“We’re very excited to partner with TPBank, a digital leader in Vietnamese banking,” said Léo Grépin, President of Sun Life ASEAN. “This bancassurance partnership demonstrates our focus on expanding our distribution network with world-class partners that share our goal of constant innovation. We look forward to working with TPBank to secure a brighter future for their customers in Vietnam.”
This 15-year bancassurance partnership affirms the long-term commitment of TPBank and Sun Life Vietnam to help Clients achieve their financial goals with exceptional banking and insurance solutions.Under the agreement, Sun Life will make an initial payment of approximately $100 million, which the company intends to fund with internal resources. This initial payment will be amortized over 15 years. There will also be ongoing, variable payments, based on the success of the bancassurance partnership.