The strategic rationale for Bermuda-headquartered RenaissanceRe Holdings' (RenaissanceRe) deal to acquire the treaty reinsurance business of New York-headquartered American International Group (AIG) appears sound, says AM Best.
New York-listed Brown & Brown, a Florida-headquartered leading brokerage firm, has entered into an agreement to acquire Kentro Capital, which includes Nexus Underwriting, an independent specialty managing general agent (MGA).
Sukoon Insurance, formerly known as Oman Insurance Company, has completed the acquisition of 93.0432% of the share capital of Arabian Scandinavian Insurance Company (ASCANA) by way of special deal through Dubai Clear.
Himalayan Life Insurance (HLI), formed by the merger of Prime Life Insurance, Gurans Life Insurance and Union Life Insurance, has officially started business in its enlarged form.
Regional banking group, Al Baraka Group, has received approval from the Financial Market Council to purchase of 270,000 shares of the Islamic insurance company El Amana Takaful.
Chinese electric vehicle manufacturer BYD has been given approval by the CBIRC to acquire 100% of financially-stricken online P&C insurer E An.
BMS Group, the independent specialist insurance and reinsurance broker, has acquired GARD Insurance, which includes ALE underwriting. The deal is the first for BMS involving an MGA.
Kuwait Insurance Company (KIC) has produced strong operating performance as is demonstrated by a five-year (2018-2022) weighted average return-on-equity ratio of 16.3%, with earnings over this period supported both by the company's underwriting and investment results, says AM Best.
The Financial Strength Rating of 'A' (Excellent) and the Long-Term Issuer Credit Rating of 'a' (Excellent) of Gulf Insurance Group (GIG), with a 'Stable' outlook, remain unchanged following the recent announcement that Fairfax Financial Holdings is to acquire an additional 46.32% share of GIG from Kuwait Projects Company (Holdings) [KIPCO], says AM Best.
Insurance giant Tokio Marine Holdings is considering a sale of its life insurance business in southeast Asia that could be valued at about $1bn, reported Bloomberg News quoting people familiar with the matter, as the Japanese insurer looks to focus on its core operations.