Material changes to the shareholding structure of Income Insurance could ultimately weaken the likelihood of support from the Singapore government through NTUC Enterprise Co-operative, the majority shareholder of Income Insurance, said S&P Global Ratings (S&P).
Sanlam Limited (Sanlam) and MultiChoice Group have entered into an agreement for Sanlam to acquire 60% of MultiChoice's insurance business, NMS Insurance Services (NMSIS), as well as a long-term commercial arrangement to expand insurance and related financial service offerings into MultiChoice's extensive African subscriber base.
Zurich Insurance Company (Zurich), a leading global multi-line insurer, has completed the acquisition of a majority stake in Kotak Mahindra General Insurance Company (Kotak General Insurance) from Kotak Mahindra Bank (Kotak), following the receipt of all necessary regulatory approvals.
Income Insurance has announced that it is currently in discussion with German global insurer Allianz on a transaction relating to the shares of the Singapore company.
CTBC Financial Holding (CTBC) has dismissed media reports that it was eyeing an acquisition of Shin Kong Financial Holding whose biggest subsidiary is Shin Kong Life Insurance.
Chubb has entered into a definitive agreement to acquire Catalyst Aviation Insurance, a Melbourne-based managing general agent that specialises in general aviation insurance for the Australia market.
Increased deal volume and sophistication in Saudi Arabia, the recent slowdown of dealmaking in the more traditional markets of the United States and United Kingdom, and the increase in in-bound foreign investment have collectively resulted in a clear uptick in the usage of warranty and indemnity insurance (W&I Insurance) in Saudi Arabian transactions, says the global law firm, Kirkland & Ellis.
Brussels-headquartered Ageas, Belgium's biggest insurer, has announced that it had reached an agreement with China Taiping Insurance Holdings (CTIH) to subscribe to the capital increase of the latter's wholly-controlled subsidiary Taiping Pension Co (TPP) for a total consideration of CNY1,075m ($151.3m).
Singapore's Income Insurance is exploring options as it looks to expand across the Asia Pacific region, including possibly tying up with a partner or selling a stake, reported Bloomberg quoting people familiar with the matter.
State-owned financial investment company, Dalian State-owned Financial Capital Operation Co (Dalian FCO) has become the largest shareholder of Aeon, ousting Chinese property giant Dalian Wanda Group from the topmost position.