Malaysia insurance News

Allianz Enters Formal Negotiations to Buy Malaysia Car Insurer: Sources

Allianz Malaysia Bhd. has been chosen to progress in talks to acquire Malaysia’s second-biggest car insurer after edging out Japanese rival Mitsui Sumitomo Insurance Co., people with knowledge of the matter said. AmGeneral Insurance Bhd.’s owners have decided to enter …

Allianz, Mitsui Sumitomo Bidding for Malaysia’s 2d Biggest Car Insurer

Allianz Malaysia Bhd. and Mitsui Sumitomo Insurance Co. have been shortlisted to proceed to the next round of bidding for AmGeneral Insurance Bhd., in a deal that could value Malaysia’s second-biggest car insurer at about $800 million, people with knowledge …

Peak Re Wins Approval to Write Reinsurance in Malaysia

Peak Reinsurance Co. Ltd., a Hong Kong-based reinsurer, has been granted the approval-in-principle by the Labuan Financial Services Authority to carry on general reinsurance business in and through the Labuan insurance market. Labuan is the the federal territory of Malaysia. …

Liberty Mutual Entering Malaysia with $113 Million Acquisition

Liberty Mutual Insurance Group in Boston announced the company’s entry into Malaysia’s $4.6 billion non-life insurance market with its planned acquisition of a 68.9 percent stake in Uni.Asia General Insurance Berhad for approximately $113 million. The transaction is subject to …

Malaysia Legislates Jail for Shariah Scholars Over Insurer, Bank Breaches

The Malaysian law that exposes Shariah scholars to jail terms for rule breaches will ensure tighter compliance, in a market where the regulator has already made progress in unifying standards. Under the Islamic Financial Services Act 2013, which took effect …