Cambodian National Insurance Company

Cambodian National Insurance Company, commonly known as CAMINCO, is a Cambodian private insurance company focused on general insurance services. It was officially incorporated in 1990 and is described as the first insurance company established in Cambodia. Although incorporated earlier, it began operating in June 1993, during the development of Cambodia’s modern commercial insurance sector. The company’s institutional history reflects the changing structure of insurance regulation and ownership in Cambodia. Following passage of the Insurance Law in 2000 and the implementation of Sub-decree No. 132 on Insurance in 2001, CAMINCO was restructured as a state-owned enterprise. At that stage it became notable for meeting the required capital threshold of US$7 million and for being the only insurer reported to have received a five-year licence for general insurance services from Cambodia’s Ministry of Economy and Finance. CAMINCO later moved from state ownership toward a mixed private-public structure. On 6 April 2009, the Royal Government of Cambodia sold a 75% stake in the formerly state-owned company for US$5.7 million, while retaining a 25% share. The transaction was reported as having received limited public attention at the time. Following the sale, CAMINCO became associated with Varyia BVB Insurance and is described as its subsidiary, while the Cambodian state continued to hold a minority interest. The company operates in Cambodia’s general-insurance market. Public reference material identifies relationships with a range of international and regional reinsurers, insurers, and insurance intermediaries, including Swiss Reinsurance Company, Mitsui Sumitomo Insurance Company, Tokio Marine & Fire Insurance, Toa Reinsurance Company, Korean Reinsurance Company, S.A. Jean Verheyen, Malaysian Reinsurance Berhad, BEST RE, General Insurance Corporation of India, Asian Reinsurance Corporation, Ho Chi Minh City Insurance Company (Bao Minh), and Professional Insurance Brokers. These relationships indicate a business model supported by reinsurance capacity and regional insurance networks, although detailed information about current product lines, distribution, premiums, financial performance, and management is not established in the supplied reference material. CAMINCO’s significance is primarily institutional: it was an early participant in Cambodia’s formal insurance industry, operated through a period of state-led market development, and subsequently became a privately controlled company with continuing government participation. Publicly available information in the supplied materials does not identify a current chief executive, detailed headquarters information, a corporate website, or a comprehensive list of insurance products. Accordingly, those fields remain unspecified rather than inferred.

Cambodian National Insurance Company, or CAMINCO, was officially incorporated in 1990 and is identified as Cambodia’s first insurance company. Its incorporation preceded the start of its commercial operations, which began in June 1993. The company therefore belongs to the formative period of Cambodia’s modern insurance market, when formal insurance institutions were being established after years of economic and political disruption. A major regulatory transition occurred with the adoption of Cambodia’s Insurance Law in 2000 and the entry into force of Sub-decree No. 132 on Insurance in 2001. In response to this new regulatory framework, CAMINCO was restructured as a state-owned enterprise. The company was reported to have met the required capital level of US$7 million, a significant threshold in the developing Cambodian market. It was also described as the only insurance company to receive a five-year licence from the Ministry of Economy and Finance to provide general insurance services at that time. CAMINCO’s ownership changed again in 2009. On Monday, 6 April, the Royal Government of Cambodia sold 75% of its shares in the formerly state-owned insurer for US$5.7 million. The government retained the remaining 25%, leaving the company with a mixed ownership structure rather than a complete transfer out of public hands. Reporting on the transaction indicated that the existence of the sale was not widely known, and a senior member of the National Assembly’s banking and finance committee was quoted as saying he had not known about it. After the transaction, CAMINCO was associated with Varyia BVB Insurance and is described as a subsidiary of that company. The available reference material does not provide a detailed account of the post-2009 operating strategy, product portfolio, branch network, financial results, or subsequent ownership changes. It does, however, list business relationships with international and regional insurance and reinsurance organizations. These include Swiss Reinsurance Company, Mitsui Sumitomo Insurance Company, Tokio Marine & Fire Insurance, Toa Reinsurance Company, Korean Reinsurance Company, S.A. Jean Verheyen, Malaysian Reinsurance Berhad, BEST RE, General Insurance Corporation of India, Asian Reinsurance Corporation, Ho Chi Minh City Insurance Company (Bao Minh), and Professional Insurance Brokers. Taken together, the documented history presents CAMINCO as an institution that moved through three broad phases: establishment as an early national insurer, restructuring as a state-owned enterprise under Cambodia’s emerging insurance framework, and partial privatization under a structure in which the state retained a minority holding. The company’s documented market role is general insurance, but the supplied sources do not support a more detailed account of individual policies, current management, or present-day financial scale.

• 2009

  Majority stake sold

  [1]Cambodian National Insurance Companyen.wikipedia.org

  On 6 April, the Royal Government of Cambodia sold 75% of its shares for US$5.7 million and retained a 25% interest.

• 2001

  State-owned restructuring and licensing

  [1]Cambodian National Insurance Companyen.wikipedia.org

  Following the implementation of Sub-decree No. 132 on Insurance, CAMINCO was restructured as a state-owned enterprise and was reported to have secured a five-year general-insurance licence after meeting the US$7 million capital requirement.

• 2000

  Insurance Law enacted

  [1]Cambodian National Insurance Companyen.wikipedia.org

  Cambodia passed the Insurance Law, establishing a formal statutory framework for the insurance sector.

• 1993

  Operations begin

  [1]Cambodian National Insurance Companyen.wikipedia.org

  CAMINCO began its insurance operations in June.

• 1990

  Incorporation

  [1]Cambodian National Insurance Companyen.wikipedia.org

  Cambodian National Insurance Company was officially incorporated and became the first insurance company established in Cambodia.

A Cambodian general insurer with historic first-mover status in the country’s insurance sector, combining private control with a retained minority interest by the Royal Government of Cambodia.

• General insurance

  General insurance services

  CAMINCO is documented as a provider of general insurance services. The available reference material does not specify individual policy classes, such as motor, property, marine, liability, or personal accident insurance, so no narrower product claims are made here.

• 2009

  Privatization through sale of a 75% government stakeM&A

  Background

  CAMINCO had been restructured as a state-owned enterprise following Cambodia’s new insurance regulatory framework. The Royal Government subsequently decided to reduce its ownership while retaining a minority interest.

  Action taken

  On 6 April 2009, the government sold 75% of its shares for US$5.7 million and kept 25% of the company.

  Aftermath

  CAMINCO moved from majority state ownership to a privately controlled, mixed-ownership structure and became associated with Varyia BVB Insurance. The supplied material does not document later financial or operational effects.

  Sale consideration. US$5.7 million (6 April 2009)

  Source

• 2009

  Cambodian government sells majority stake in CAMINCO[1]Cambodian National Insurance Companyen.wikipedia.org

  M&A

  The Royal Government of Cambodia sold 75% of its shares in the formerly state-owned Cambodian National Insurance Company for US$5.7 million and retained a 25% stake. The transaction shifted CAMINCO toward private ownership and was reported as having been little known publicly at the time.

1. 1Cambodian National Insurance Companyen.wikipedia.org