Nasdaq-listed Fanhua, a leading independent financial services provider in China, has signed a definitive agreement with the existing shareholders of Jilin Zhongji Shi'An Insurance Agency to acquire 51% of the equity interests of Zhongji.
South African financial services group Sanlam. which owns the biggest insurance group in Africa, has announced two separate transactions that will significantly strengthen its life insurance operations in South Africa.
Cheche Technology, China's leading auto insurance technology platform, and Prime Impact Acquisition I (PIAI), a New York traded special purpose acquisition company, have entered into a definitive business combination agreement that will result in Cheche Technology becoming a publicly listed company.
The AXA group has kicked off 2023 with its announcement that it is acquiring the insurance activities of Groupama (Groupama Sigorta and Groupama Hayat) in Turkiye.
London-headquartered BMS, the independent global specialist insurance and reinsurance broker, has announced the acquisition of Austbrokers Coast to Coast (C2C), the specialist Australian corporate, business, and retail broker, effective 17 January. The terms of the transaction have not been disclosed.
Three leading domestic insurance companies are reportedly in advanced talks to merge and form a giant corporation, which would become one of the largest insurance institutions in the UAE.
The Maghrebia group has acquired a 23% stake in GAT Assurances from the private equity firm AfricInvest. The purchase paves the way for a merger between the two companies.
Sukoon (formerly known as Oman Insurance Company) has signed a share purchase agreement to acquire a majority stake (in excess of 93%) in Arabian Scandinavian Insurance Company - Takaful (Ascana Insurance).
2023 will likely see an increase in insurance consolidation, particularly among life insurers, in the Asia region, according to a commentary by Ms Joyce Chan, a partner at the global legal firm Clyde & Co in Hong Kong.
Dubai-listed Islamic Arab Insurance Company (SALAMA) has announced that it will acquire the insurance portfolio of Dubai Islamic Insurance and Reinsurance Company (AMAN) which includes motor, medical, non-motor and group life insurance business.