Singapore market News

Allianz Withdraws $1.63B Offer for Singapore’s Income Insurance

German insurer Allianz has withdrawn its offer to acquire at least 51% of Singapore’s Income Insurance for about $1.63 billion, the company said in a statement on Monday. Reuters reported on Dec. 13 that the insurer had scrapped the proposed …

Singapore Amends Law to Stop Allianz’s Insurance Deal

Singapore lawmakers passed an amendment to a bill that will effectively block Allianz SE’s proposed S$2.2 billion ($1.7 billion) acquisition of a majority stake in a local insurance firm. Under the amended Insurance Act, the country’s financial regulator will now …

Specialist Risk Group Launches APAC Unit in Singapore, Buys Local Broker

Specialist Risk Group (SRG), the London-based specialist insurance intermediary that is majority-owned by Warburg Pincus and Temasek, announced its launch in Asia Pacific with a new subsidiary in Singapore. As the first part of its expansion plans, SRG has, through …

Singapore Blocks $1.7 Billion Allianz-Income Insurance Deal

The Singapore government will block a proposed S$2.2 billion ($1.7 billion) deal by Allianz SE to buy a majority stake in a homegrown insurance firm, three months after the transaction sparked a public backlash. The government decided it wouldn’t be …

Singapore Monetary Authority Defends Allianz’s $1.7B Plan to Buy Income Insurance

Singapore ministers addressed concerns about Allianz SE’s plan to buy a majority stake in Income Insurance Ltd., saying it would be held to account on its commitments and that the potential deal isn’t expected to adversely impact competition in the …

Allianz Makes $1.6 Billion Offer for 51% of Singapore’s Income Insurance

Allianz SE agreed to buy a majority stake in Singapore’s Income Insurance Ltd. for about S$2.2 billion ($1.6 billion) to strengthen its presence in Asia. The German company plans to acquire at least 51% of Income Insurance for S$40.58 a …

Singapore’s Income Insurance, Allianz in Talks on Potential Transaction

Singapore’s Income Insurance Ltd is in discussion with Allianz regarding a transaction relating to its shares in Income Insurance, it said in a statement on Friday. The company added in the statement that there is no assurance that any transaction …

Singapore’s Income Insurance Weighs Partnerships or Stake Sale for APAC Expansion

Singapore’s Income Insurance Ltd. is exploring options as it looks to expand across the Asia Pacific region, including possibly tying up with a partner or selling a stake, according to people familiar with the matter. While Income Insurance has received …

Mosaic Insurance Opens Singapore Office, Hiring 2 Specialty Underwriters

Mosaic Insurance has opened an office in Singapore and hired two specialty underwriters to build its transactional liability business across the Asia-Pacific region. Benn Wilson will serve as regional CEO, and head of Asia for Mosaic’s transactional liability division. Joining …

Lloyd’s Third-Party Managing-Agent Asta Opens Service Company in Singapore

Asta, the leading third-party managing agent at Lloyd’s, announced it is strengthening its global presence by establishing a service company in Singapore. With the Asian market presenting extensive opportunities, Asta has launched a service company that will enable clients easily …