LINK Ltd, the Bermuda-based reinsurance broker has acquired a majority share in Al Afaq, a prominent reinsurance broker established and operating in the kingdom of Saudi Arabia.
The Insurance Authority (IA) has approved the merger of Gulf General Cooperative Insurance Company (GGI) and Gulf Union Ahlia Cooperative Insurance Company (GUAI), announced the two insurers on the Saudi stock exchange Tadawul last week.
These are the highlights for all events and updates across the industry this week.
Prudential announced yesterdaythat it is evaluating a potential listing of ICICI Prudential Asset Management involving the partial divestment of its shares, subject to market conditions, requisite approvals and other considerations. It is intended that following the completion of such a divestment, the net proceeds would be returned to shareholders.
Meiji Yasuda Life Insurance will acquire Banner Life Insurance for ¥352.2bn ($2.3bn) and also invest ¥130bn for a 5% equity stake in the US firm's parent, Britain's Legal & General Group. As the domestic market shrinks, a number of Japanese life insurers are expanding overseas for growth.
Ask Capital has become the sole owner of AXA Assistance Maroc after purchasing the remaining 20% of shares the latter has held in the operation; several media sources have reported.
Samsung Life Insurance is likely to incorporate Samsung Fire & Marine Insurance as a subsidiary, according to South Korean daily newspaper Maeil Business Newspaper, as it had unveiled a value-up plan to enhance corporate value for the first time as a listed company.
MSIG Asia and The RiskPoint Group have formed a strategic partnership to enhance renewable energy insurance across Asia Pacific.
Great Eastern Holdings (GEH) has decided to cancel its proposed acquisition of AmMetLife Insurance Malaysia and AmMetLife Takaful Malaysia after more than a year of negotiations.
AIA Singapore and Raffles Hospital have signed a Memorandum of Understanding (MoU) to provide greater access to healthcare services and co-create innovative solutions to drive quality of care and ensure patient outcomes.