BPI/MS joins non-life insurance industry

BPI/MS Insurance Corp., which combines the resources of FGU Insurance Corporation and FEB Mitsui Marine Insurance Company is poised to become a big player in the local non-life insurance industry.

Industry observers note that BPI/MS Insurance has the clout to attain this objective, with the backing of its parent companies, Bank of the Philippine Islands (BPI) and Mitsui Sumitomo Insurance Co.

BPI has the largest network of branches in the country.

Mitsui Sumitomo, has a strong underwriting expertise culled from its global insurance business, and its 90,000-strong agency force is the largest in Japan. Some of its best-known clients include Sony, Toshiba, NEC Sanyo and Toyota.

The consolidation of FGU and FEB Mitsui into BPI/MS follows the BPI mergers with Far East Bank and Ayala Insurance Holding last year. FGU is majority-owned by BPI.