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Finaccord Reports on Bancassurance in Global Markets

Thu, 14 Mar 2013 11:29:53 +0000

A new report from UK based market research, publishing and consulting firm Finaccord notes that “emerging markets in the Asia-Pacific region and Latin America offer the most growth potential for bancassurers but the magnitude and nature of opportunities vary greatly …

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India’s Battered Insurers May Need More than Foreign Investment

Wed, 10 Oct 2012 10:10:36 +0000

India’s proposal to allow more foreign investment in its $41 billion insurance business provides a lifeline for an industry starved of capital and squeezed by regulation – but it may not pass parliament and it may not be enough. India’s …

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ABI Issues Guidance for Impending ‘Gender-neutral’ Insurance Pricing

Tue, 25 Sep 2012 10:13:19 +0000

With three months to go until the European Court of Justice ban on insurers taking a person’s gender into account when calculating premiums and benefits, the Association of British Insurers (ABI) has published guidance for consumers. “Gender has always been …

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ING Sees Quick Sales in Asian Insurance Break-up

Thu, 09 Aug 2012 09:58:35 +0000

Dutch banking and insurance group ING now expects a quick sale of parts of its $7 billion Asian insurance business as it seeks to repay state aid and meet European requirements for its 2008 state bail-out, its chief executive said …

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AIG’s SunAmerica to Acquire Woodbury Financial Services from The Hartford

Wed, 01 Aug 2012 11:04:18 +0000

American International Group announced that its life and retirement business, SunAmerica Financial Group, Inc., has signed a definitive agreement with The Hartford Financial Services Group Inc. to acquire Woodbury Financial Services, Inc., an independent broker-dealer. Once the transaction is finalized, …

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Bid Deadline Nears for ING’s Asia Insurance Business

Mon, 16 Jul 2012 09:48:23 +0000

A wide range of suitors, from the son of Asia’s richest man and a former rugby player in New Zealand to more established players including AIA Group and Manulife Financial Corp, are expected to submit binding bids on Monday for …

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Blackstone Backs ex-AIA Chief in ING Asia Sale Race: Source

Thu, 12 Jul 2012 09:55:33 +0000

Global private equity fund Blackstone Group LP is backing Mark Wilson, the former chief of AIA Group Ltd, in the bidding for ING Groep NV’s Asia insurance unit, a source directly familiar with the matter said. The consortium led by …

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Best Affirms, Upgrades SCOR’s No. American Subs Ratings; Outlook Stable

Fri, 04 May 2012 12:53:33 +0000

Following its rating actions on the parent company, France’s SCOR SE, A.M. Best has upgraded the issuer credit ratings (ICR) to “a+” from “a” and affirmed the financial strength rating (FSR) of ‘A’ (Excellent) of the group’s non-life North American …

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Best Upgrades SCOR & Subs Credit Ratings; Affirms Financial Ratings

Thu, 03 May 2012 10:38:46 +0000

A.M. Best Europe – Ratings Services Limited has upgraded the issuer credit ratings (ICR) to “a+” from “a” and affirmed the financial strength rating (FSR) of ‘A’ (Excellent) of French reinsurer SCOR SE and its main subsidiaries. Best also upgraded …

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MAPFRE Highlights 19.3% 2010 Latin American Insurance Market Growth

Charles E. Boyle — Tue, 14 Feb 2012 18:04:18 +0000

A report from the FUNDACIÓN MAPFRE, which analyzed 19 Latin American countries, concludes that the Latin American insurance market “achieved in 2010 a 19.3 percent rise in premium volumes compared to the preceding year, reaching €91.370 billion [$120.15 billion], confirming …

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AXA, Japan Post Top Best’s List of World’s Largest Insurers

Charles E. Boyle — Wed, 04 Jan 2012 13:39:00 +0000

France’s AXA S.A. has again topped the list of the world’s 25 largest insurance companies, based on premiums written, compiled by A.M. Best. The lists, which were compiled both on asset value and on net premiums written, reflects the dominance …

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Tokio Marine to Buy Delphi Financial for $2.7 Billion

Wed, 21 Dec 2011 11:38:54 +0000

Tokio Marine said on Wednesday it will buy U.S. insurer Delphi Financial Group for $2.7 billion, the latest in a string of deals by Japan’s second-largest property-casualty insurer aimed at growing outside its mature home market. Tokio Marine said it …

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AXA, Generali Said to Advance in HSBC General Insurance Sale

Thu, 08 Dec 2011 11:33:05 +0000

AXA SA and Assicurazioni Generali SpA are among bidders shortlisted for HSBC Holdings Plc’s planned sale of its general insurance business, sources familiar with the matter told Reuters. HSBC, Europe’s biggest bank, launched the sale in September in a deal …

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AXA Completes Sale of Canadian Operations

Mon, 26 Sep 2011 10:14:24 +0000

France’s AXA Group announced that it has successfully completed the sale of its Canadian operations in Property & Casualty and Life & Savings insurance to Intact Financial Corporation for a total cash consideration of C$2.6 billion (€1.9 billion; US$2.524 billion). …

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New Swiss Re sigma study Reveals Global Premium, Capital Growth

Wed, 06 Jul 2011 16:46:04 +0000

A new study in Swiss Re’s sigma series concluded that the global insurance industry has returned to a pattern of growth. The study - World insurance in 2010 - reveals growth in global premium volume and capital. Premium volume “grew …

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Swiss Re to Acquire $2.62 Billion in Assets from American Life

Wed, 01 Jun 2011 10:30:49 +0000

Swiss Re announced that it will acquire approximately 300,000 policies and £1.6 billion [$2.62 billon] in assets from American Life Insurance Company. The transaction reinforces Swiss Re’s “commitment to strengthening its Admin Re® market presence,” said the bulletin. It has completed …

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Best Affirms SCOR and Subs Ratings after Transamerica Re Deal

Thu, 28 Apr 2011 10:28:00 +0000

A.M. Best Europe – Ratings Services Limited has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and the issuer credit rating (ICR) of “a” of French reinsurer SCOR SE and its subsidiaries. Best also affirmed the subordinated debt ratings …

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Five Japan Life Insurers Eye Unhedged Foreign Bonds; See Weaker Yen

Wed, 27 Apr 2011 10:27:31 +0000

Five Japanese life insurers say they may buy more unhedged foreign bonds, believing that the yen is likely to weaken and that the currency risks are low enough for them not to take on higher hedging costs, a stance that …

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SCOR to Buy Aegon’s Transamerica Reinsurance Unit for $913 Million

Tue, 26 Apr 2011 10:12:03 +0000

French reinsurer SCOR is set to pay $913 million for most of Dutch insurer Aegon’s Transamerica Reinsurance operations. When concluded, the combined companies would become the second largest life reinsurer in the U.S. Aegon, which has been winding down and …

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UK Probes Banks over Prudential’s Failed AIA Bid Say Sources

Thu, 21 Apr 2011 10:35:05 +0000

Britain is probing investment banks over insurer Prudential Plc’s failed $35.5 billion bid for rival AIG’s Asian business, AIA, last year, two people familiar with the matter said. The probe, ordered by the Financial Services Authority (FSA), would examine the …

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Hannover Re Acquires Reinsurance Portfolio from Scottish Re

Tue, 19 Apr 2011 14:07:46 +0000

Germany’s Hannover Re, the third largest global reinsurer, has reached agreement with Scottish Re (US) on the acquisition of a reinsurance portfolio as part of a transaction. The other part involves the transfer of a block of term life policies. The …

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EQECAT Updates Japan Quake/Tsunami Analysis; Insured Losses $12-$25 Billion

Thu, 17 Mar 2011 11:44:49 +0000

Insured losses from the magnitude 9.0 earthquake and tsunami that struck Japan last Friday are between $12 billion and $25 billion, according to catastrophe modeler EQECAT. In its latest update, the firm describes the losses as “significant.” The figures are …

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AIG Taiwan Unit Sale Faces Union Hurdles

Fri, 18 Feb 2011 18:23:14 +0000

Bailed-out insurer AIG is facing fresh hurdles in its second attempt to sell its Nan Shan unit in Taiwan, with an unhappy union weighing in against the $2.16 billion deal. The agreement to sell the unit, Taiwan’s No.3 life insurer, …

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SCOR Sells U.S. Fixed Annuity Business

Thu, 17 Feb 2011 18:19:26 +0000

French reinsurer SCOR Group announced that it is “disposing of its US Fixed Annuity business through the sale of its subsidiary Investors Insurance Corporation (IIC) for $55 million.” The entire share capital of IIC will be acquired by Athene Holding …

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