The government is identifying candidates to be the chairman and directors of the high-powered insurance watchdog to be set up by the end of the year, the South China Morning Post has learnt. Eddie Cheung Kwok-choi, the deputy secretary for financial services and the treasury, unveiled the government's blueprint for...
Dai-ichi, Japan's largest life insurer, is planning to grow its investment in India. The company, which is present in India through a JV with Bank of India and Union Bank of India, also said that it was keen to increase its shareholding in the JV. "I think right now it...
Japan’s Mitsui Sumitomo Insurance (MSI) has agreed to buy the UK’s Amlin in a USD5.3 billion all-cash deal that is expected to be completed by the end of March 2016, in a report in the Guardian. “The combination will accelerate MSI’s strategy of growing its international business,” the Mitsui Sumitomo...
Nexus Investment Holdings, Isle of Man (Nexus Group) has announced that it will be taking over the tied agency of Zurich Life Insurance Pte. Ltd (‘Zurich Singapore’), marking the region’s leading financial advisor’s first presence in Asia. This transaction includes the transfer of approximately 150 financial adviser representatives from Zurich...
New India Assurance, the largest non-life insurer in the country, has charted out its global expansion plans that include areas like Asia, North America and Africa. “We have recently entered Myanmar and now we are looking at Qatar. We are waiting for approval for our operations in Canada. We are...
Two explosions in the Chinese port of Tianjin last week that killed more than 100 people could generate total insurance losses of USD1 billion to USD1.5 billion, Credit Suisse analysts said, citing initial estimates based on Chinese media reports. Tianjin, the world's third-largest port in terms of total cargo volume,...
China's Anbang Insurance Group Co is bidding to buy Japanese property asset manager Simplex Investment Advisors, fsources said, in a deal that could top USD1 billion. If successful, Simplex would be Anbang's first real estate foray into Japan where the market has been booming on the back of the economic...
Lloyd’s of London is applying for a Malaysia onshore licence as part of a broader push by the specialist insurer into Asia. John Nelson, group chairman, said a licence would enable Lloyd’s to write more cover than the USD137 million of business it does via Singapore, London and Labuan, Malaysia’s...
The Insurance Regulatory and Development Authority of India (IRDAI) has allowed banks to tie up with a maximum of nine insurers from three segments —life, non–life and standalone health insurers — as part of the new bancassurance guidelines. While such a tie-up will not be mandatory on the banks and...
Australia's QBE Group will raise stake in Raheja QBE General Insurance Company to 49 percent by buying an additional 23 percent from its existing partner Prism Cement for USD19.07 million. "Prism Cement has agreed, in principle, to sell 23 percent of its holding in the paid-up capital of Raheja QBE...
