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Manila Bulletin devider Business devider Banking & Finance devider FPG, Mercantile merger to create ₱10-billion non-life insurance 'powerhouse'

FPG, Mercantile merger to create ₱10-billion non-life insurance 'powerhouse'

Published Aug 18, 2025 01:51 pm
Two of the country’s biggest non-life insurers—FPG Insurance Co. Inc. and The Mercantile Insurance Co. Inc.—are merging to form a new entity with an estimated ₱10-billion gross written premium (GWP), a scale that would place it among the top four players in the Philippine non-life insurance market.
The merged company, to be named FPG Mercantile, is expected to be finalized by October 2025, subject to regulatory approvals from the Insurance Commission (IC) and other agencies.
In a joint statement last week, the two companies said that the deal will allow their combined business to strengthen financial stability, expand digital solutions, and enhance customer service for millions of Filipinos.
“This merger marks a historic milestone for the industry and nation. By bringing together two trusted names, we are creating a powerhouse that will not only lead the market but also set new benchmarks for protecting Filipino families and businesses in an increasingly complex world,” FPG Regional Chairman David Zuellig said.
Gigi Pio de Roda, FPG president and chief executive officer (CEO), who will head the new company, said the merger represents “a transformative step for the Philippine insurance industry.”
“By uniting our resources and talents, we will create a more resilient organization capable of providing comprehensive protection to our clients amid growing economic uncertainties and climate risks,” she said.
For his part, Mercantile Chairman Romulo I. Delos Reyes Jr. said their tie-up with FPG would accelerate growth and “deliver even greater value to policyholders across the archipelago.”
Gerard Pennefather of Huntington, strategic advisor to FPG, described the merger as “possibly the largest non-life insurance deal in the Philippines, a landmark transaction that will redefine the industry.”
The combined entity will employ about 700 people, with both firms committing to retain their workforce and maintain operations in all current locations.
No immediate changes will be made to existing policies or customer services, the insurers said.

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FPG Insurance Co. Inc. The Mercantile Insurance Co. Inc.
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