Vietnamese insurer announces new name

Vietnamese insurer Bao Tin Assurance Corporation on Mar. 29 announced its new name at a ceremony at Sheraton Hotel in Ho Chi Minh City.

It has been accordingly renamed Phu Hung Assurance Corporation under a decision recently issued by the Ministry of Finance.

Phu Hung is a non-life insurance firm that provides a wide range of products and solutions for personal and commercial risks including personal accident, health, property damage, marine insurance, machinery, engineering, casualty and others.

The firm last year raised its charter capital from VND80 billion (US$3.9 million) to VND300 billion ($14.5 million) via contributions by local and international reputable shareholders including Taiwanese property developer Phu My Hung.

It also signed memorandums of understanding with strategic partners like Vietnamese bank Kien Long, local developer Thu Duc Housing Development Corporation, Vietnam Commodity Exchange, and US-based multi-sector group SME Holdings.

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