AIG Malaysia is set to venture into the retakaful business within the first quarter of this year, having recently obtained regulatory approval to establish a retakaful company, said new CEO Antony Lee.
Al Madina Takaful has issued takaful policies since 1 January 2014, with all existing policy agreements to be replaced by takaful policy agreements with effect from this date, said the company in a disclosure filing.
The Central Bank of Bahrain (CBB) has recently issued guidance on the issuance of securities and sukuk in the country, which will now form a major part of the CBB's Capital Market Rulebook.
Bank of London and The Middle East (BLME) expects sukuk issuance to pick up in the Gulf this year as companies refinance maturing debt in a strong economic climate, said its chief executive.
AMMB Holdings has agreed to sell its family takaful and life insurance businesses to Metlife in a deal worth MYR812 million (US$247 million).
“For the last 10 years, rates in the region have been on the decline across various commercial and specialty lines including aviation and energy. Throw into the mix the rising costs of intermediation and compliance, and all these factors have combined to undermine regional P&Ls and are proving to be challenging for non-life insurers. This is the new reality in Asia”
- Mr Marc Breuil, Regional President Asia, Berkshire Hathaway Specialty Insurance