TCC has long held several life and non-life insurance operating licences. In April 2004, it sold out its stake in Interlife John Hancock Assurance to Canadian-based Manulife Insurance (Thailand).

TCC is also a major shareholder of Japan's Millea Life Insurance (Thailand), South East Insurance and Indara Insurance.

A press release issued yesterday by Cigna said the value of the deal for a major stake in TCI - which provides non-life insurance products to the Thailand market - was expected to be finalised in September. But local insurance-business publications said the deal was already done, at the Bt600-million figure.

Earlier, rumours circulated that TCI would be merged with South East Insurance and Indara Insurance in a bid to reduce some overlapping operations.

In the first two months of this year, TCI obtained Bt13.14 million in total premiums.

Cigna itself used to run a non-life business in the Kingdom but later sold its stake to America's Ace Insurance.

However, the company has run a telemarketing business for several life and non-life insurers in Thailand, including Ace Insurance, Generali Insurance (Thailand), American International Assurance and Ayudhya Alliance CP Life.

"This acquisition will provide Cigna International with the capabilities to build a unique product portfolio tailored to the needs of the Thai marketplace, including supplemental health and financial protection programmes," Paul Hartley, president of Cigna International, said in a statement yesterday.

Cigna International has been represented in Thailand since March 2003 through Cigna International Marketing Thailand Co Ltd, established to research the Thai insurance market.

The TCC group was established by Charoen and Khunying Wanna Sirivadhanabhakdi in 1960. It has developed into one of the Kingdom's leading conglomerates. It operates in four principal business areas: beverages, property, industrial trading and consumer products, and insurance and leasing.