Bao Tin Insurance attracts investors, adopts new name

March 30, 2011 | 16:24

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The non-life Bao Tin Insurance Co has increased its charter capital from VND80 billion ($4 million) to VND300 billion by selling stakes to three other companies, including a Taiwanese investment firm, and changed its name to the Phu Hung Assurance Corporation.

It announced the changes on March 29 after selling shares at undisclosed prices to the Phu Hung Securities Corp, CXT Joint Stock Corp, An Phu Construction Company, and several others.

CXT is the Vietnam subsidiary of Taiwan 's CXT Corporation which has a long-term track record of investment in this country, and Phu Hung Securities is listed on the Hanoi Stock Exchange.

The Ho Chi Minh City-based Phu Hung Assurance Corporation (PAC) hopes to expand its services to major urban areas such as Hanoi, Haiphong, Danang , Ho Chi Minh City , and Can Tho, thanks to strong financial backing from its new shareholders, according to its chairman Luu Vinh Quang.

PAC offers property, liability, and personal insurance, covering marine cargo and hull, employers' liability, and motor vehicles.

Also on March 29 PAC signed strategic deals with several other companies, including the securities firm SME Holding, Vietnam Commodity Exchange, Thu Duc Housing Development Joint Stock Co, and Kien Long Commercial Joint Stock Bank.

The company hopes to sell its products to these partners as well as their customers.

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