CGU - Britain's largest insurance company - will look for opportunities to expand through acquisitions in Hong Kong and Asia, according to the company's regional head.
The company was formed by the merger last June of Commercial Union and General Accident, which have had operations in the region for more than 100 years.
CGU is the fifth-largest insurer in Europe and the second-largest general insurer in Hong Kong.
Managing director in Asia, Patrick Wale, opening the combined company's Hong Kong office yesterday, said CGU Hong Kong would continue to serve local clients of Commercial Union and General Accident, and would seek opportunities for further expansion.
There were no deals under discussion.
'After the mergers, we have more resources and better financial strength to expand our business,' Mr Wale said. 'We hope to double our Asian business volume in five years by means of acquisition and setting up of joint ventures.' Asia-Pacific accounted for 7 per cent of CGU's premium income and this was likely to increase to more than 10 per cent in five years, he said.
Australia and New Zealand are its biggest markets.
