December 14, 2017

Looking East

Looking East
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RMS opens Sydney office

RMS, the US-based global risk modelling and analytics firm, has opened a new office in Sydney, Australia, as part of its drive to support clients’ expansion in the Australian and New Zealand markets. The focus will be to help (re)insurers with the adoption of new models and to advise the...

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GIC Re shares fall on market debut

Shares of state-owned General Insurance Corp. of India Ltd’s (GIC Re) debuted 14.5 percent below their issue price in an otherwise vibrant market, before recouping some losses to close 4.56 percent lower. The disappointing debut comes after the state-owned reinsurer’s INR11,372 crore initial public offer (IPO)—the second largest in India—was...

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New India Assurance to launch IPO

New India Assurance Company, India’s largest general insurance company, is all set to launch its INR9,600 crore IPO in November. This will be country’s second-biggest IPO in the insurance sector after GIC Re’s INR11,370 crore issue launched earlier in October. Addressing media ahead of its IPO, chairman cum managing director...

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Insuretech start-up launched in Australia

A new industry body, Insurtech Australia, has been launched this week and is dedicated to the advancement of insurance innovation and insurtech startups. Insurtech Australia was created as a ‘standalone division’ of Fintech Australia, and will focus on representing ‘insurtech startups, insurers, reinsurers and brokers’ and other insurance related disciplines,...

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China Life invests in Allianz Taiwan

Taipei-based China Life Insurance has bought a portion of Allianz’s Taiwanese business. Allianz Taiwan Life Insurance said to the Sydney Morning Herald that it had agreed to sell a part of its “traditional” life insurance portfolio to China Life in Taipei. The sum was not disclosed but the German insurance...

Mitsui Sumitomo to invest further in risky assets

Japan’s Mitsui Sumitomo Insurance Co plans to increase investment in risky assets by JPY30 billion (USD268.36 million) in the second half of this financial year, a senior company executive has said. Foreign stocks and debt, and private equity fall under the category of risky investment. The main arm of MS&AD...

Possible cooperation on healthcare

Taiwan and India have expressed interest in cooperating on healthcare in several areas, including national health insurance systems and health information technology, during a visit to India by a Taiwanese health delegation. The countries also showed interest in working together on the development of Asian traditional medicines and epidemic prevention,...

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ICICI Lombard to issue IPO

ICICI Lombard, the joint venture between ICICI Bank and Fairfax Financial Holdings is set to debut on the bourses shortly. It has set final issue price at INR661 per share, the higher end of price band of an INR5700 crore issue. Analysts don’t expect strong listing gains as the initial share sale offer...

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Etiqa completes 75% purchase of local firm

Malayan Banking Bhd’s wholly owned subsidiary Etiqa International Holdings Sdn Bhd has completed the acquisition of 75 percent shareholding in PT Asuransi Asoka Mas for IDR207.2 billion. The group announced in a filing with Bursa that it had acquired 750 million shares in the Indonesian general insurance company from PT...

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Great Eastern to sell stake in Malaysian ops

Great Eastern Holdings Ltd is reportedly planning to dispose of its stake in its Malaysian operations for as much as USD1 billion. According to The Wall Street Journal, the Singapore-listed insurer had already engaged a Malaysian bank to discuss the potential deal. Great Eastern is an 87 percent-owned subsidiary of...

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