San Miguel Corporation (SMC) has recently announced the acquisition of Petrogen Insurance Corporation, Petron’s wholly-owned insurance subsidiary, via a Php3 billion equity investment.
“With the investment, the corporation will have direct equity interest in Petrogen…in addition to its current indirect equity interest through Petron. The additional investment by the corporation will enable it to expand its insurance business,” SMC said in its disclosure to the Philippine Stock Exchange dated December 3.
Petron is a unit of SMC, while Petrogen caters to Petron’s insurance requirements.
Petrogen is particularly engaged in all kinds of insurance and reinsurance for land and sea operations; for goods, properties, and merchandise; for transportation; and against accidents, earthquake, fire, and marine perils, except life insurance.