Taiwan News

Taiwan to Pay Life Insurer Transglobe $3 Billion in Record Bailout of Rival

Taiwan’s government will pay Transglobe Life Insurance T$88.4 billion ($3 billion) to take over ailing rival Kuo Hua Life after Transglobe beat out other competitors in the biggest taxpayer-funded bailout ever by the island state. Taiwan’s overcrowded life insurance industry …

Typhoon Tembin Approaching Taiwan: AIR Analysis

According to catastrophe modeling firm AIR Worldwide, Typhoon Tembin, the 14th of the 2012 Pacific season, is “heading slowly for southern Taiwan, and is expected to make landfall in the early morning of Friday, August 24. Its path could, however, …

Typhoons Saola, Damrey Strike, Philippines, Taiwan, China: AIR Analysis

According to catastrophe modeling firm AIR Worldwide, Typhoon Saola, the ninth typhoon of the Northwest Pacific storm season, made its first landfall early Thursday morning local time in Hualien, Taiwan. AIR noted that the storm has since “been downgraded to …

Thai Floods Batter Global Electronics, Auto Supply Chains

¬†Manufacturers of car parts and computer hard drives are the worst hit in Thailand, and face a bleak key holiday selling season due to massive floods, which have shut down production. Japanese car makers that had just started to recover …

Typhoon Nanmadol Departs Taiwan, Heads for China

Typhoon Nanmadol headed to southeastern China on Monday after dumping more than 20 inches (half a meter) of rain in southern Taiwan, where wide swaths of agricultural land were flooded and some 8,000 people evacuated. The storm skirted Taiwan’s southwestern …

Commission Allows Group to Buy AIG Taiwan Unit

Taiwan’s Financial Supervisory Commission says a local conglomerate has met conditions the commission stipulated in June to purchase AIG’s Taiwanese insurance unit, paving the way for final approval. The Thursday announcement says that Ruen Chen consortium will be allowed to …

Taiwan Conditionally Approves AIG’s Nan Shan Life Sale

Taiwan’s financial regulator gave conditional approval on Thursday to AIG’s $2.2 billion sale of its Nan Shan Life insurance unit, bringing closer to an end an almost two year long sale saga. The U.S. insurer, looking to pay back the …

AIG Urges Taiwan Unit Employees to Support Sale

American International Group Inc. has urged staff at Taiwan unit Nan Shan Life Insurance Co. Ltd to voice their support for its planned $2.16 billion sale, saying their silence has allowed “ill-intentioned groups” to create negative impressions over the much-delayed …

Taiwan Regulator to Rule on AIG Taiwan Unit Sale By End of First Half

Taiwan’s financial regulator said it will make a decision on American International Group Inc’s sale of local unit Nan Shan Life Insurance Co in the first half of this year. The Financial Supervisory Commission (FSC) had asked Ruen Chen Investment, …

AIG Taiwan Unit Sale Faces Union Hurdles

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, …