Marsh has acquired its Thailand joint venture, making the operation a wholly owned subsidiary of the global insurance broker, the broker announced in a LinkedIn post on Thursday.
The ownership transition took effect on 1 July, with the business set to operate under the legal entity name Marsh Risk (Thailand) Company Limited from 6 July, Marsh Thailand’s Chief Executive, Derek Heng, said.
Heng described the development as a significant milestone for the business and said Marsh had become “the first wholly owned global insurance broker in the country.”
Previously, the business operated as Marsh PB Company as a partnership between Marsh and Thai shareholders. The ownership change also closes a chapter that began with the company’s founding 48 years ago by Piya Jittalan.
Heng said Jittalan had served as an important mentor over the years, helping management navigate local market dynamics.
The transition demonstrates Marsh’s long-term commitment to Thailand, Heng added.
The transaction also comes amid a broader shift in Thailand’s approach to foreign investment. In May, Thailand’s Cabinet approved in principle measures to remove nine business activities from licensing requirements under the Foreign Business Act as part of efforts to reduce regulatory duplication and improve the ease of doing business for foreign investors.
