The Public Investment Fund (PIF) announced yesterday that it has acquired a 23.08% stake in Saudi Reinsurance Company (Saudi Re) by way of a capital increase and subscription to new shares, with the suspension of preemptive rights in accordance with Capital Market Authority regulations, the Fund said in a statement.
Allianz China and Fudan University of China have forged strategic partnership to advance finance and insurance research in the country.
Solidarity Bahrain and Bahrain National Holding Company (BNH) have signed the final sale and purchase agreement by which the former acquires the latter.
On 8 January, the National Financial Regulatory Administration announced its approval for Guomin Pension Insurance (Guomin Pension) to increase its registered capital by CNY228m, with the funds contributed by Allianz Global Investors (AGI).
The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) and Buruj Cooperative Insurance Company (Buruj) have received approval from the General Authority for Competition (GAC) on proceeding with the economic concentration resulting from the potential merger of the two operators.
Egypt's state-owned general insurer, Misr Insurance Company (Misr Insurance), and the UAE-based Al Ain Ahlia Insurance Company have entered a strategic partnership to enhance cooperation in the fields of digital transformation between the two companies, as well as develop insurance products, exchange scientific expertise, improve the level of training and exchange expertise; in the interest of both companies, said a statement issued by Egypt's Ministry of Investment and Foreign Trade (MIFT).
As of December 23, 2024, seven insurance companies have collectively acquired stakes in 18 publicly listed companies, marking the highest number in four years. Notably, some insurers have continued to increase their holdings even after crossing the mandatory disclosure threshold. These acquisitions are primarily concentrated in industries such as utilities, industrials, financial services, and pharmaceuticals.
Nexus Underwriting (Nexus), a Brown & Brown group venture, has entered into an agreement to acquire Arma Fusion Limited, the parent company of Arma Underwriting Limited (Arma).
Aviation Industry Corporation of China (AVIC) has set a price of CNY1,815m ($249m) for the sale of its stake of 24% in BOC-Samsung Life Insurance.
Allianz yesterday - through its wholly owned subsidiary Allianz Europe BV - announced it has withdrawn its pre-conditional voluntary cash general offer to acquire at least 51% of the shares in Income Insurance. The announcement followed a report by Bloomberg over the weekend that Allianz was close to scrapping the proposed S$2.2bn ($1.63bn) acquisition of a 51% stake in Income Insurance following public backlash to the deal.