assets News

Thai Group Buys Ping An Stake from HSBC for $9.38 Billion

A conglomerate controlled by Thailand’s richest man, Dhanin Chearavanont, has bought a minority stake in China’s Ping An Insurance for $9.38 billion from global bank HSBC, a bold move that ranks as Asia’s second-largest deal this year. Dhanin’s Charoen Pokphand …

Willis North America to Acquire Canadian Benefits Broker Avalon Actuarial

Willis North America, a unit of Willis Group Holdings, announced that it has entered into a definitive agreement to acquire the assets of Avalon Actuarial Inc., a Canadian employee benefits brokerage and actuarial consulting services firm. Avalon Actuarial was founded …

ING Considering Sale of UK, Canadian Online Banks

The Netherlands-based group ING, which has been forced to sell assets in return for receiving state aid during the financial crisis, said it is considering the sale of its UK and Canadian online banking units, estimated to be worth about …

Judge Rules Stanford’s U.S. Receiver to Keep Control of Ponzi Scheme Case

Allen Stanford’s U.S. court-appointed receiver may keep control of the process to collect and distribute the convicted Ponzi schemer’s assets to victims, defeating a bid by Caribbean liquidators, a U.S. federal judge has ruled. U.S. District Judge David Godbey in …

UK Insurer Aviva Culls Units in Turnaround Drive

Aviva, the UK’s No.2 insurer, plans to sell or close more than a quarter of its businesses in a shake-up aimed at regaining the support of investors irked by the group’s flagging share price. The company, whose weak stock market …

Swiss Re Team Favored to Acquire Groupama’s Brokerage Unit – Sources

Swiss Re and its private equity partners Apax and PAI are in pole position to acquire Groupama’s GAN Eurocourtage [brokerage] unit for about €600 million ($793.2 million), people familiar with the situation said. The Swiss reinsurance group teamed up with …

Lloyd’s Posts $822 Million Overall Loss for 2011

The loss, announced today by Lloyd’s of London, shows just how severe the second costliest year for catastrophes on record for the insurance industry actually was. Lloyd’s announced a loss of £516 million ($822 million) for 2011 – a large, …

ING Puts $775 Million Thailand Bank Stake up for Sale – Sources

ING Groep NV has put its roughly $775 million stake in Thailand’s TMB Bank Pcl on the block as the bailed-out Dutch financial services group pushes ahead with Asian divestments, sources familiar with the matter told Reuters. ING, which is …

Thailand’s Thanachart Bank Ready to Sell Insurance Ops Say Souces

Thailand’s Thanachart Bank Pcl, backed by Canada’s Bank of Nova Scotia, is preparing to sell its insurance operations in a deal could fetch about $500 million, sources familiar with the matter said on Friday. The sale would likely include a …

HSBC Sells General Insurance Business to AXA, QBE for $914 Million

HSBC has agreed to sell its general insurance businesses to French insurer AXA Group and Australia’s QBE Insurance Group for $914 million in cash, as Europe’s biggest bank moves ahead with its plan to divest non-core assets. The deal, the …