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.
Japanese trading firm Itochu is set to purchase a 20% stake in Thailand's non-life insurer Thaivivat Insurance. According to a release by Itochu, it will invest around THB1bn ($29m) to buy new shares issued by the Thai company.
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.