At least six insurance companies have notified the National Insurance Commission (NAICOM) of their plans to merge as part of their efforts in meeting up with the regulator's recapitalisation requirements.
After being put up for sale last month, Prudential Life Insurance of Korea has received interest from major banking groups in South Korea looking to acquire a 100% stake in the insurer.
Al Ahlia Insurance Company and Gulf Union Cooperative Insurance Company last month announced signing a Memorandum of Understanding (MoU) to evaluate a potential merger.
EFG Hermes, through its non-banking financial arm EFG Hermes Finance Holding, and GB Auto, through GB Capital, have announced their entry into a definitive sale and purchase agreement (SPA) to acquire a 75% stake in life insurance player Tokio Marine Egypt Family Takaful in a deal worth EGP84.75m ($5.3m).
Turkey's sovereign wealth fund will take over insurance and pension companies owned by state lenders and consolidate them in an effort to increase their global competitive power, reported Reuters.
Signs are that in 2020, the MENA insurance industry will see a slew of M&A deals, predicts London-based New Dawn Risk, a specialist insurance intermediary focussing on all lines of liability insurance and related specialty classes of business.
With the mergers of 10 state-run banks underway, the IRDAI is planning to allow them to cross the 10% ownership caps in more than one insurance company and limit the banks' management control to only one entity.
Swiss Re has finally agreed to sell its closed life business ReAssure Group valued at GBP3.25bn ($4.28bn) to Phoenix Group. The deal will offer Swiss Re a cash payment of GBP1.2bn, shares in Phoenix representing a 13% to 17% stake and entitlement to a seat on its board of directors. The transaction is expected to close in mid-2020 subject to approvals by Phoenix's shareholders, regulators and anti-trust authorities.
The Finance Ministry has sought approval from the Parliament for an additional grant of funds for the recapitalisation of three state-run general insurance companies ahead of taking further steps to merge them.
Bermuda-based Catalina has reached an in-principle agreement to acquire Singapore-headquartered reinsurer Asia Capital Re (ACR). The acquisition is expected to close in the first half of 2020, subject to regulatory and all other approvals.