Malaysia News

Indonesia, Malaysia, Thailand, Sri Lanka Hit by Heavy Rains, Floods: AIR

According to catastrophe modeling firm AIR Worldwide, the rains of the past week across Southeast Asia have been much higher than average, even for a period during which Southeast Asian countries normally experience heavy monsoon rains. AIR noted that “severe …

Malaysian Floods Force Evacuation of 200,000 People; at Least 10 Dead

Malaysia evacuated more than 200,000 people and increased relief efforts as the worst floods in decades left at least 10 people dead. Parts of Thailand and Sri Lanka have also been inundated. The affected states are Kelantan, Kedah, Terengganu, Pahang, …

ING to Sell Malaysian Insurance Unit to AIA for $1.73 Billion

Pan Asian insurer AIA Group Ltd has agreed to buy ING’s Malaysian insurance operations for $1.73 billion in cash, handing the Dutch financial services firm its first deal in a nine-month drive to sell off Asian assets. The sale of …

IAG’s Malaysian Associate, AmG, Seeks to Acquire KurniaIAG

Insurance Australia Group Limited announced that its 49 percent-owned Malaysian associate, AmG Insurance Berhad, “has submitted for local regulatory review a proposal to enter into an agreement to acquire Kurnia Insurans (Malaysia) Berhad (Kurnia), the principal general insurance business of …

Allied World to Write Reinsurance in Malayasia

Allied World Assurance Co. Ltd said it will commence writing reinsurance business in Malaysia from its Labuan branch. The official operating license was granted in July 2011 and will allow Allied World to write all classes of treaty reinsurance and …

Best Report Says Takaful Poised for Growth, But Greater Focus Needed

A new special report from A.M. Best – Takaful Poised for Growth, But Greater Focus is Required – notes that “Takaful operators in the Gulf Cooperation Council (GCC) and Malaysia are growing at a rapid pace and are highly capitalized. …

ACE Acquires All Shares of ACE Synergy Insurance Berhad in Malaysia

The ACE Group announced today that its ACE INA International Holdings, Ltd. subsidiary has acquired all of the outstanding shares it does not already own, or approximately 49 percent, of ACE Synergy Insurance Berhad in Malaysia from Advance Synergy Capital …

Best Comments on First Asian Based Captive Rating

A.M. Best Co. announced that it has recently “assigned its first rating to a captive domiciled in Asia, as the global practice of major corporations self insuring through captives shows further signs of establishing itself in the major insurance markets …

Malaysian Navy Nabs Somalis in Second Raid on Pirates

Malaysia’s navy was holding seven Somali pirates Saturday who were apprehended in the second dramatic commando raid within hours on ships seized near the African coast, authorities said. The operations gave both Malaysia and South Korea dramatic successes in the …

Ratings Recap: Tokio Marine Pacific, Malaysian Re, Kazakhinstrakh, Ansvar

A.M. Best Co. has affirmed the financial strength rating of ‘A+’ (Superior) and issuer credit rating of “aa-” of Guam-based Tokio Marine Pacific Insurance Limited (TMPI), both with stable outlooks. The ratings reflect TMPI’s “consistent growth in surplus and dominant …