The insurance market in Bahrain needs more mergers or acquisitions between insurance companies, and even between reinsurance companies, Mr Jawad Mohammed, chairman of Bahrain Insurance Association, has said.
The Monetary Authority of Singapore (MAS) encourages all insurers, both local and foreign, to continually innovate, adopt best practices and ensure robust risk management. This will foster a competitive insurance market that offers choice, value and stability to protect the interests of policyholders.
Two insurers have signed a non-binding memorandum of understanding to explore a potential merger between them, according to separate announcements made by the companies yesterday.
The Pakistani government has decided to sell its stakes in three insurance companies and rejected the recommendations of their boards to retain the insurers in the public sector.
Angola is selling a stake in the country's largest insurer this year, as the oil-producing nation moves ahead with a privatisation programme to raise cash and diversify the economy, according to a Bloomberg report.
WTW has appointed Mr Steven Torresan as head of M&A in its Financial & Executive Risks business, for APAC and Africa.
German global insurer Allianz's proposed acquisition of a majority stake in leading Singapore insurer, Income Insurance, would clearly strengthen Allianz's business profile in Asia, a strategic area of growth for the group, says Mr Manuel Arrive, a director of insurance at Fitch Ratings.
Munich-headquartered global insurer Allianz, through its wholly-owned subsidiary, Allianz Europe (the Offeror), has announced a pre-conditional voluntary cash general offer to acquire at least 51% of the shares of one of Singapore's biggest composite insurers.
Hollard International, part of South Africa's largest privately owned insurance group, and Absa Group, one of Africa's largest diversified financial services groups, have reached agreement for the sale of Absa's insurance businesses in Mozambique, Botswana and Zambia.
Saudi Reinsurance Company has completed all procedures for the sale of its entire 49.9% stake in Probitas Holdings (Bermuda) to Aviva Insurance for GBP123m ($160m).