Malaysian market News

Insurance Australia Group, AMMB Seek to Sell Their Malaysian Auto Insurer: Sources

The owners of AmGeneral Insurance Bhd., Malaysia’s second-biggest auto insurer, have restarted a sale process and are seeking as much as $1 billion for the company, people with knowledge of the matter said. Kuala Lumpur-listed AMMB Holdings Bhd. and Insurance …

Fire Kills Five People at Petronas-Aramco Oil Refinery in Malaysia

A fire killed five people at an oil refining complex in southern Malaysia owned by Petronas and Saudi Aramco, forcing the closure of the facility that was set to begin full commercial operations this year. It was the second fire …

Generali, Great Eastern Weigh Bids for Malaysia Insurers, Part Owned by AXA: Sources

Singapore’s Great Eastern Holdings Ltd. and Assicurazioni Generali SpA are among potential bidders for the life and general insurance businesses in Malaysia that AXA SA and Affin Bank Bhd. own, according to people familiar with the matter. Great Eastern, which …

Arthur J. Gallagher & Co. Acquires Minority Stake in Malaysia’s SP&G Insurance Brokers

Arthur J. Gallagher & Co., the Rolling Meadows, Ill.-based broker, announced it has purchased a minority stake in Malaysian broker SP&G Insurance Brokers Sdn Bhd. Terms of the transaction were not disclosed. SP&G is a multi-discipline commercial insurance broker specializing …

Munich Re Syndicate Labuan Promotes Ng to General Manager and Principle Officer

James Ng has been promoted to general manager and principle officer for Munich Re Syndicate Labuan Ltd. (MRSLab). Based in Kuala Lumpur, Malaysia, Ng will have overall responsibilities for the Labuan operations and its business activities and will report to …

AXA, Affin Bank Weigh Possible Sale of Malaysian Insurance Business

French insurer AXA SA and Affin Bank Bhd. are exploring options including a potential sale of their life and general insurance business in Malaysia that could fetch about $650 million, according to people with knowledge of the matter. Kuala Lumpur-based …

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 …

Hong Kong’s FWD to Buy HSBC’s Stake in Malaysia Insurance Joint Venture: Sources

Hong Kong-based insurer FWD Group has agreed to buy HSBC Holdings Plc’s stake in a Malaysian insurance joint venture as part of a plan to expand its presence in Asia, three people familiar with the matter said. FWD, owned by …

Malaysia Expected to Give Foreign Insurers More Time to Cut Local Stakes: Sources

Malaysia’s central bank is considering granting extensions to some foreign insurers to give them more time to trim stakes in their local ventures, people with knowledge of the matter said. Foreign insurers are expected to be given additional time to …

Malaysia Likely to Review Rules Requiring Cut in Foreign Insurance Ownership: Sources

Malaysia is likely to review a directive to foreign insurers to reduce ownership of their local units by nearly a third as finding domestic buyers for the equity stakes is proving hard, three people familiar with the matter said. The …