SMC takes direct stake in Petron insurance unit

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    San Miguel Corp. said is putting in P3 billion in capital in an insurance unit folded into subsidiary Petron Corp., Petrogen Insurance Corp.

    SMC said the investment will allow Petrogen to “expand its insurance business” while giving itself direct interest in Petrogen Insurance “in addition to its current indirect equity interest through Petron.”

    Petrogen Insurance is engaged in insuring and reinsurance of all kinds of businesses and operations for sea and land as well as properties, goods and merchandise, for transportation or conveyance, and against fire, earthquake, marine perils, and accidents, except life insurance.

    It is a wholly-owned subsidiary of Petron and also serves the latter in its insurance requirements.

    Petrogen Insurance has an authorized capital of P750 million, based on regulatory submission, divided into 750,000 common shares with a par value of P1,000, of which P475 million is subscribed and paid-up.