Allianz and Sri Ayudhya Capital have expanded their strategic partnership in Thailand by merging their P&C insurance operations. Allianz SE has also become the largest shareholder in Sri Ayudhya Capital.

The partnership will see the merger of Allianz General Insurance and Sri Ayudhya General Insurance (SAGI) to form a larger P&C insurer. It will also align several key insurance-related entities under the Allianz Ayudhya brand. This, according to a statement from Allianz, will enhance local market presence and deliver a consistent experience for customers.

As part of the transaction, Sri Ayudhya Capital will be renamed Allianz Ayudhya Capital PCL, while SAGI will be renamed Allianz Ayudhya General Insurance.

Read more: Allianz in talks to expand insurance presence in Thailand

On the personnel side, Veraphan Teepsuwan will remain as chairman of Allianz Ayudhya Capital, and Bryan Smith has appointed president and CEO of Allianz Ayudhya Capital, as well country manager of Allianz Thailand. In this newly created position, Smith will lead the overall business in Thailand, while remaining president & CEO of Allianz Ayudhya Assurance, the life insurance business.

Meanwhile, Lars Heibutzki has been appointed president and CEO of Allianz Ayudhya General Insurance.

“Today represents an important milestone for Allianz’s growth ambitions in Thailand and the wider region,” said Allianz Asia-Pacific deputy regional CEO, Solmaz Altin. “The closer relationship between both businesses will increase collaboration and expertise, and deliver an improved customer proposition in the country. These moves reflect the strategic efforts we are making across Asia and we look ahead with confidence.”