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 …
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 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 …
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. …
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 …
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 …
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 …
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 …
Somali pirates have released the Marida Marguerite, a German-operated chemical tanker after receiving a $5.5 million ransom, the Kenya-based East African Seafarers Assistance Program said on Tuesday. The tanker was seized in May and released on Monday. Here are details …
A.M. Best Co. has affirmed the financial strength rating of ‘A’ (Excellent) and issuer credit rating of “a” of Hong Kong-based NIPPONKOA Insurance Company (Asia) Limited, both with stable outlooks. The rating affirmations reflect NIPPONKOA Asia’s “sound risk-based capitalization, high …
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