Kuwait Insurance Company (KIC) has obtained the approval of the Insurance Regulatory Unit, the Competition Protection Agency and the Capital Markets Authority for the acquisition of a majority stake in National Takaful Insurance Company.
A number of merger agreements have been signed in both the life and non-life insurance sectors in the last one year, with M&A activity intensifying after the Nepal Insurance Authority (NIA) raised minimum paid-up capital requirements for insurers.
Reduced pricing, coupled with the loosening of pandemic controls in China, should result in a more favorable M&A environment and improved transactional risk insurance utilisation in Greater China in 2023, says Marsh, the world's biggest insurance broker.
Opportunities exist for continued insurance sector growth in the GCC, as economies strengthen, new insurable risks enter the market and product offerings diversify through the enforcement of mandatory insurance covers, says AM Best.
An online marketplace for used cars, Carro, is investing in technology to improve insurance distribution and claims processes for customers and insurers in Southeast Asia. Carro inked an investment and joint venture agreement with Singapore-headquartered ZA Tech. The agreement will allow the online marketplace to fill in gaps in the automotive industry through generative AI tools such as ChatGPT.
The Middle East and Africa (MEA) region saw an increase of over 40% in the annual total of M&A deals in 2022, albeit from a low base, primarily driven by a busy first half, says Clyde & Co.
Asia Pacific saw increases in insurance M&As across 2022, with the number of deals rising in both halves of the year, according to an analysis by the global law firm Clyde & Co.
Dar Al Takaful (DAT), a leading takaful company in the UAE, has announced its preliminary, unaudited, financial results for the financial year ended 31 December 2022 (FY22), in which the company posted Gross Written Contribution (GWC) of AED807.59m ($220m), an increase of 14% compared to 2021.
Al Alfia Holding, a prominent Qatari-based investment group, has acquired a minority stake in Seib Insurance and Reinsurance Company, a Qatari company and one of Qatar's premium insurance providers.
FWD Group Holdings will enter the Malaysian life insurance market following the signing of an agreement to invest in a majority stake in Gibraltar BSN Life. The transaction is expected to close in the second quarter of 2023.