The synergy and integration of two global foreign insurance players and their Chinese P&C operations are expected to increase, says Fitch Ratings.
Four shareholders, planning a collective withdrawal from a life insurer, have posted for sale their combined 65% stake in the joint venture on the Beijing Equity Exchange with the offer starting on 12 April and closing on 24 May.
Paris-headquartered Societe Generale (SG), the French financial services giant, has announced that it had reached an agreement to sell its Moroccan subsidiary to financial group Saham, for EUR745m ($793m).
The number of non-life insurance companies in Thailand is projected to be reduced to about 25-30 from the current number of about 50, according to Bangkok Insurance chairman Chai Sophonpanich. Bangkok Insurance is the third largest general insurer in the country.
Shanghai-headquartered multinational conglomerate Fosun International has reached an agreement with BNP Paribas Group to sell a stake in leading Belgian insurer Ageas to the latter's insurance subsidiary BNP Paribas Cardif.
Africa's largest non-banking financial services group Sanlam, through its wholly owned subsidiary Sanlam Emerging Markets Mauritius, has announced that an agreement has been reached to increase the Sanlam Group's effective shareholdings in two Indian insurance companies. The deal, when completed, will make Sanlam the majority shareholder in both JVs.
AXA China Region Insurance Company (Bermuda) Limited (AXA Insurance) has completed the acquisition of all the shares of XL Reinsurance (China) Company (XL Re China), according to a company statement.
Brisbane-headquartered Suncorp Group yesterday announced that it had signed a share sale and purchase agreement with Resolution Life, Resolution Life Group's holding company in Australia and New Zealand (Resolution Life), to sell its New Zealand life insurance business, Asteron Life.
Aon, a leading global professional services firm, has completed a transaction to acquire Global Insurance Brokers (GIB). The transaction significantly expands Aon's existing capabilities in India to help clients navigate volatility and make better decisions.
Sukoon Insurance Company has announced that it had received acceptances for 2,411,030 shares which represent 1.57% of the shares of Arabian Scandinavian Insurance Company - Takaful (ASCANA).