Philippine insurers FPG and Mercantile announce merger
FPG Insurance Co Inc (FPG) and The Mercantile Insurance Co Inc, two of the largest non-life insurance providers in the Philippines, have announced their plans to merge, forming FPG Mercantile.
With a combined GWP of PHP 10 billion, FPG Mercantile is set to become a new non-life insurance powerhouse in the country. With the combined strengths of both companies, it will offer improved insurance solutions, increased financial stability, and excellent customer service to millions of Filipinos.
FPG Mercantile’s combined GWP places it among the top four insurance companies in the non-life sector, aiming to innovate, expand its digital offerings, and effectively navigate the changing regulatory environment in the Philippines.
“This merger marks a historic milestone for the industry and nation,” said David Zuellig, FPG Regional Chairman. “By bringing together two trusted names, we are creating a powerhouse that will not only lead the market but also set new benchmarks for protecting Filipino families and businesses in an increasingly complex world.”
Gigi Pio de Roda, President & CEO of FPG, who will lead FPG Mercantile, added: “This partnership is a transformative step for the Philippine insurance industry. By uniting our resources and talents, we will create a more resilient organisation capable of providing comprehensive protection to our clients amid growing economic uncertainties and climate risks.”
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The merged company is committed to a smooth transition for all employees and will maintain operations across all current locations.
For customers, there will be no immediate changes to existing policies or services. The merger is expected to close by October 2025, subject to regulatory approvals from the Insurance Commission and other relevant authorities.
Romulo I. Delos Reyes, Jr., Chairman of Mercantile, stated: “Joining forces with FPG allows us to accelerate our growth and deliver even greater value to policyholders across the archipelago. This merger is about synergy, innovation, and a deeper dedication to safeguarding the futures of our customers.”
“This merger represents possibly the largest non-life insurance deal in the Philippines, a landmark transaction that will redefine the industry,” said Gerard Pennefather from Huntington, strategic advisors to FPG.
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