A Papua New Guinea insurer, Capital Insurance Group, has announced its acquisition of the Fiji firm Dominion Insurance Ltd.
The company's chairman Michael Koisen, told the National Newspaper after many years of growth in PNG, and having recently established in Solomon Islands it made sense for it to extend to Fiji, Vanuatu and Tonga through the acquisition.
He says Dominion is a very well managed and respected operation within the region and they look forward to working with the staff and business partners to further grow the business.
Dominion Insurance chairman Hari Punja says they felt after 27 years of ownership it was time for the existing shareholders to entrust the business to different hands.
The paper reports he say the sale provides opportunities for the further development of staff and also more flexible solutions for clients who may have business interests in Papua New Guinea or Solomon Islands.
The sale is subject to normal regulatory approvals and is expected to be finalised at the end of this month.
