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March 2010
American International Group could find out about the fate of its Taiwan unit, Nan Shan, as early as Thursday, when the Taiwanese parliament will review a report from the top financial regulator, Reuters has reported.
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Amana Takaful (Maldives) has secured approval from the regulators to carry out general insurance business in the archipelago.
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With the news that AIG is selling Alico to MetLife and AIA to Prudential, Reactions assesses how far AIG still has to go to pay off its debts to the US government.
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Brit Insurance, the international insurance and reinsurance group, today announced the establishment of its own Australian office, replacing its previous third party arrangement.
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The 2009 net profit estimates of China Life Insurance may increase by more than 200%, as compared to 2008.
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American International Group (AIG) is selling American Life Insurance Company (Alico) to MetLife for around $15.5bn, in a deal that will help AIG repay the US government.
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Prudential is planning to list in Hong Kong before its $20 billion rights issue, the Financial Times reports.
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China Life Insurance is seeking to acquire a stake in Agricultural Bank of China, The Wall Street Journal reports.
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Dai-ichi Mutual Life has secured regulatory approval to increase its stake in Tower Australia Group to a maximum of 49.9%, Business Spectator reports.
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Asia’s reinsurance markets have weathered the global economic turmoil and a greater share of premiums is set to stay in the region, says the CEO of Asia Capital Reinsurance Group.
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General Insurance Corporation of India (GIC) is looking to curb the risk reinsured through facultative reinsurance arrangements.
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American International Group (AIG), which is selling its Asian life insurer to UK insurer Prudential, has said it still plans to sell its Taiwan insurer to a Hong Kong insurer, the Wall Street Journal reports.
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Fubon Financial Holding is in talks with some Chinese companies on forming a life-insurance joint venture, the Wall Street Journal reports.
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American International Group (AIG) confirmed Monday that it is to sell its Asian life insurance business to Prudential for around $35.5bn.
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The deal is the largest insurance acquisition ever and will make Prudential south-east Asia's largest insurer.
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February 2010
UK insurer Prudential is in advanced talks to buy AIA, the Asian operations of bailed-out US insuerer American International Group (AIG), Reuters has reported.
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Zurich’s North America surety, credit & political risk group has signed a memorandum of understanding (MoU) with export insurance agency, Korea Export Insurance Corporation (KEIC).
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CNinsure has inked a strategic partnership with Sunshine Property and Casualty Insurance, Trading Markets reports. The
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Insurance Australia Group (IAG) has reported a net profit after tax of $329m for the six months ended December 31, 2009. The firm’s insurance profit increased to $488m, indicative of an insurance margin of 13.4%.
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The insurance industry will be increasingly important to China’s future economic development, according to a study by German reinsurance firm Munich Re.
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Three shareholders of Ping An Insurance are looking to reduce their holdings in the Chinese insurer over the next five years, The Wall Street Journal reports.
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South-east Asia's insurance markets offer good growth opportunities. But fierce competition could lead to serious casualties in the region, says a new report from rating agency AM Best.
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Overseas Assurance Corporation has placed a bid to buy Tahan Insurance Malaysia’s general insurance business.
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American International Group's (AIG) $2.2bn sale of its Nan Shan insurance unit to a consortium led by China Strategic has hit a snag after Taiwan’s foreign investment regulator raised doubts over the suitability of one of the buyers.
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Mizuho Financial Group and Sompo Japan Insurance will take part in Dai-ichi Mutual Life Insurance’s initial public offering, to be launched on April 1.
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Strong prospects for economic growth can be found in emerging markets, such as Asia. However for those companies prepared to invest for the long haul, there will be many challenges according to Ernst & Young’s Global Insurance Center 2010 Far East Insurance Outlook.
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General Insurance Corporation of India (GIC) is setting up a natural catastrophe pool for insurance and reinsurance companies.
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Swiss Re has raised its dividend for 2009, in a sign that the world’s second-largest reinsurer is now in a position to repay a expensive convertible loan from Warren Buffett’s Berkshire Hathaway.
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Timothy Schiltz has been appointed senior vice-president of SunAmerica Financial Group and, effective April 1 2010, will be named chairman of AIG Star Life Insurance and AIG Edison Life Insurance Company.
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Axa Asia Pacific Holdings has reported earnings of $553.6m for the year ended December 31, 2009.
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The Spitzer-era ban on contingent commissions for the world’s biggest insurance brokers, Aon, Marsh and Willis, has been lifted. An equity analyst believes Aon and Marsh could now receive as much as $200m a year in contingent commissions.
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Lloyd’s of London’s decision to broaden its product range as part of its strategic plan will not harm the market’s position in its core lines, Sean McGovern, Lloyd’s general council, has told Reactions.
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Catlin Group has expanded its Australian operations by opening a Melbourne office.
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PartnerRe's acquisition of Paris Re, along with involvement in initiatives such as the Global Reinsurance Forum trade group, confirms Patrick Thiele's position as one of the most influential reinsurance executives around.
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American International Assurance, the Asian life-insurance unit of AIG, has appointed seven banks to handle its $10bn to $20bn Hong Kong initial public offering (IPO).
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Fresh off the back of the busiest ever fourth quarter for cat bonds, insurance-linked securities activity is predicted to be high in 2010. Reactions' Convergence Quarterly section includes all the cat bond data from 2009.
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Japan car maker Toyota’s embarrassing recall of many of its cars because of braking problems will cause headaches for people who have bought its cars, but is unlikely to cause a big problem for insurers.
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Korea Life Insurance is seeking to raise a maximum of $2bn through an initial public offering.
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Hanwha Securities is buying two South Korean units of Prudential Financial, The Wall Street Journal reports.
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Reinsurance pricing softened at the January 1 2010 renewals. Reactions asks what this will mean for pricing for the rest of the year.
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MMC today reported a decline of net income to $38m in the fourth quarter of 2009, compared with net income of $80m in 2008. Marsh’s revenue for the quarter fell 4% while Guy Carpenter’s revenue for the year was up 23%.
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Australian insurer, Suncorp-Metway, has reported a first-half profit increase of 45%.
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SBI Holdings is selling its entire stake in the Axa Japan joint venture.
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AMP is reconsidering its position in relation to its $11bn takeover bid for Axa Asia Pacific Holdings.
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State-run Korea Deposit Insurance Corporation (KDIC) is selling its stake in the Korea Life Insurance in an initial public offering.
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Aon Corporation surpassed expectations in the fourth quarter as the company saw the benefit of restructuring savings and favourable foreign currency translation.
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The Republic of Bangladesh and Oman Insurance have struck an insurance coverage deal.
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Allianz has appointed Citigroup as its insurance custody manager for Asia.
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FM Global has become an admitted reinsurer in Labuan, a federal territory in Malaysia.
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The private equity arm of Goldman Sachs is seeking to buy a minority stake in Taikang Life.
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Capital Airports Holding has secured approval to divest its 50% stake in a life-insurance joint venture with MetLife.
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Global reinsurers face the daunting prospect of eroding profitability margins over the next two to three years, S&P has warned in a new report.
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Gen Re is opening a branch office for its life/health reinsurance unit in Tokyo.
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January 2010
Commonwealth Bank of Australia is looking to sell a part of its 49% stake in a newly launched Chinese insurance joint venture.
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Mitsui Sumitomo Insurance is planning to strengthen its operations by merging its two Singapore subsidiaries, Mitsui Sumitomo Insurance (Singapore) and MSIG Insurance (Singapore).
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Sompo Japan Insurance (Thailand) is to start selling weather index insurance to rice farmers in northern Thailand.
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Two senior managers at the adviser services team at AIA Australia have left the firm.
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Tropical storm Olga made landfall over the northeast coast of Queensland, Australia shortly after 10pm local time on Sunday, January 24, RMS/Reactions Centre reports.
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HSBC has injected $102m in Vietnam’s largest insurance and financial services firm.
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Lockton has obtained a large equity holding in South Korean insurance broker IMI with options to purchase an increased shareholding, the privately held broker said Friday.
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National Australia Bank (NAB) Friday moved a step closer to clinching a $12bn deal to buy Axa Asia Pacific (Axa AP)after completing due diligence, Reuters reports.
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Tropical storm Magda is expected to make landfall on the western Australian coast in around 48 hours’ time in the Kimberly region as a low category 1 storm, RMS/Reactions Catastrophe Centre reports.
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BOC Insurance has secured the approval of the China Insurance Regulatory Commission to establish two new branches.
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American International Group’s property/casualty unit, Chartis, will invest about Y13.5bn ($147m) to take majority control of Japan's Fuji Fire and Marine Insurance, Reuters reports.
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US broker Lockton has obtained an equity holding in South Korean insurance broker IMI with options to purchase an increased shareholding.
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Samsung Life Insurance is planning an initial public offering of more than $4bn by the end of June, Financial Times reports.
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The China Banking Regulatory Commission has allowed Bank of Beijing to acquire a stake in ING Capital Life Insurance.
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Prudential has named Lee Won-ki as CEO of its Korean funds business, PCA Investment Trust Management.
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German insurer Allianz has been given permission by Chinese regulatory authority CIRC to convert one of its regional offices in Guangzhou into an independent subsidiary.
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Prudential will suspend the sale of insurance policies in Japan, The Wall Street Journal reports.
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Fubon Life Insurance will set up an office in Vietnam, Dow Jones reports. The insurer has received approval from Taiwan’s Financial Supervisory Commission.
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Waterland Financial Holdings is seeking to acquire MetLife’s Taiwan unit, The Wall Street Journal reports.
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MetLife has named Peter Smyth as regional managing director for the Asia-Pacific region.
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Frank O’Halloran, CEO of Australian insurer QBE Insurance Group, has been announced as the 2010 Insurance Hall of Fame winner.
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Read a selection of stories from the December 2009/January 2010 issue of Reactions.
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MetLife has won the Prime Super insurance mandate, Investor Daily reports.
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Prudential Financial is planning to sell its South Korean unit and its fund management affiliate in a deal valued at about $900m, Reuters reports.
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Reactions canvassed executive search firms worldwide to produce a list of who they believe will be the top leaders of the future. Here are the names they came up with.
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Thompson Heath & Bond, THB’s Lloyd’s broking arm, has enhanced its international treaty platform by hiring three senior brokers specialising in the Latin American, Caribbean, Middle Eastern and Asia/Pacific territories.
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The Asia Special Situation Acquisition Corporation is seeking shareholder approval to acquire up to three insurance companies and $650 million of assets of two families of hedge funds.
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The fourth quarter saw a big fall in cat bond spreads, according to a report issued today by reinsurance broker Aon Benfield. This trend was especially seen in the US wind and multi-peril sectors, which decreased by 36% and 26% respectively on a non-seasonal adjusted basis.
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UK insurer Prudential is to acquire the life insurance arm of the Singapore’s United Overseas Bank as part of a long-term strategic partnership with the group.
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Members of the Guy Carpenter Global Reinsurance Composite saw their total net income more than double to almost $10bn in the first nine months of 2009, according to a Guy Carpenter briefing.
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South Korean non-life insurer Samsung Fire & Marine Insurance is planning to start an auto insurance business in China, Yonhap News reports.
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Insurance companies in China have secured the approval of their regulator to buy AAA-rated non-guaranteed bonds, The Wall Street Journal reports.