The often-strained and costly relationship between life insurance and alcohol has been given an unexpected boost in the form of a new joint venture distillery between the Thai Life Group and Ginebra San Miguel. Upon completion, the diversified insurer will own 50% of the JV, San Miguel Corporation will control 40%, while the remaining 10% will be in the hands of minority investors.
The partnership between Thailand's number two life insurer and the San Miguel company will be formed through an acquisition of a 40% piece in C.N.T Wine and Liquor Co., Ltd, a subsidiary of the Thai Life Group. According to those behind the scenes, the agreement took nine...
