TQR Plc, a reinsurance arm of TQM Corporation, made a strong debut on the Market for Alternative Investment (MAI) on Wednesday, with its share price bucking an otherwise weaker market to close up 200% at 15.30 baht.
TQR is the first MAI-listed reinsurance broker, following its parent company TQM, which was listed on the Stock Exchange of Thailand (SET) at the end of December 2018.
Chief executive Chanaphan Piriyaphan said the company has allocated 40 million baht to improve operational efficiency of its platform, develop a reinsurance financial model, and finance other related programmes including product development.
Mr Chanaphan said the listing will help strengthen the company's reputation among global players.
TQR plans to expand business via various models, including both traditional and alternative businesses in which reinsurance companies and brokers join hands to develop products and distribution channels that better serve customers.
"The insurance industry is expected to continue growing this year, supported by economic sentiment that is expected to start picking up in the second half of the year," he said.
"We predict rising demand for insurance from the government's construction of mega-projects."
Mr Chanaphan said the company also plans to tap into segments in the reinsurance industry that pose high potential for growth, such as health reinsurance and cyber-reinsurance.
Over the past five years, TQR reported average revenue growth of 10% and average net profit growth of above 30%.
He said the company aims to maintain its current levels of growth in both revenues and profits.
TQR is the country's largest reinsurance broker, with a market share of 10% of total non-life reinsurance business.
Last year, the reinsurance business reported total premiums received worth 70 billion baht, or 25% of total insurance premiums received of 280 billion.
Shares for TQR opened and closed at the ceiling price of 15.30 baht on the MAI, in trade worth 215 million baht.
TQM shares also soared by 13.50 baht on the SET, or 11%, to close at 136 baht, in trade worth 1.53 billion baht.