Clare's Feed
May 24, 2012

Aviva adds S.Korea, Sri Lanka to Asia exit list: sources

HONG KONG (Reuters) – British insurer Aviva plc (AV.L: Quote, Profile, Research, Stock Buzz) is putting its South Korean and Sri Lankan businesses on the auction block, sources with knowledge of the matter said, adding to its list of Asia divisions it is selling to help raise money to protect against its euro zone exposure.

Britain’s second-biggest insurer laid out plans last week to sell underperforming businesses around the world, a move meant to address the company’s greater exposure to the troubled euro zone compared with rivals, and to boost a share price that is down more than 36 percent in the past year.

May 24, 2012

Aviva adds South Korea, Sri Lanka to Asia exit list – sources

HONG KONG (Reuters) – British insurer Aviva plc (AV.L: Quote, Profile, Research) is putting its South Korean and Sri Lankan businesses on the auction block, sources with knowledge of the matter said, adding to its list of Asia divisions it is selling to help raise money to protect against its euro zone exposure.

Britain’s second-biggest insurer laid out plans last week to sell underperforming businesses around the world, a move meant to address the company’s greater exposure to the troubled euro zone compared with rivals, and to boost a share price that is down more than 36 percent in the past year.

May 9, 2012

Aviva puts Malaysian business on block – sources

HONG KONG, May 9 (Reuters) – Aviva has put its
Malaysian operations on the block and is close to hiring a bank
to help with the sale process, sources said on Wednesday, as the
British insurer moves ahead with a plan to exit non-core
markets.

The deal, which is in its early stages, could fetch about
$200 million and comes at the same time that Dutch financial
company is exiting its Asian insurance and investment
management operations.

May 3, 2012

HSBC sells general insurance biz for $914 million

HONG KONG (Reuters) – HSBC (HSBA.L: Quote, Profile, Research) has agreed to sell its general insurance businesses to AXA Group and QBE Insurance Group for a cash consideration of $914 million, as Europe’s biggest bank moves ahead with its plan to divest non-core assets.

The deal, the latest in a series of cost cut initiatives under the new HSBC CEO Stuart Gulliver, includes a 10-year bancassurance agreements with AXA and QBE.

Apr 20, 2012

Prudential UK eyes Thai bank’s insurance assets: sources

HONG KONG (Reuters) – British insurer Prudential Plc (PRU.L: Quote, Profile, Research, Stock Buzz) is considering bidding for the insurance business of Thailand’s Thanachart Bank, sources said, in an around $500 million deal that would help it better tackle arch rival AIA in the Southeast Asian nation.

The Thanachart Bank unit, which is set to be auctioned, is expected to include life and non-life assets as well as a bancassurance arrangement. Some Japanese and European insurers are also expected to participate in the process, the sources who had direct knowledge of the matter said.

Apr 20, 2012

Pru UK eyes Thai bank’s insurance assets-sources

HONG KONG, April 20 (Reuters) – British insurer Prudential
Plc is considering bidding for the insurance business of
Thailand’s Thanachart Bank, sources said, in an around $500
million deal that would help it better tackle arch rival AIA in
the Southeast Asian nation.

The Thanachart Bank unit, which is set to be auctioned, is
expected to include life and non-life assets as well as a
bancassurance arrangement. Some Japanese and European insurers
are also expected to participate in the process, the sources who
had direct knowledge of the matter said.

Apr 17, 2012

Marine insurance: the stranglehold on Iran?

HONG KONG/TOKYO (Reuters) – Marine insurance, or lack of it, may yet turn out to be the most effective sanction used by Western nations in 17 years of tightening the screws on Iran’s nuclear programme.

A European Union oil embargo on Iran, set to take effect in July, prohibits EU insurers from covering Iranian oil exports anywhere in the world. With around 90 percent of the world’s tanker insurance based in the West, the arcane world of reinsurance and liability coverage has become a powerful weapon.

Apr 17, 2012

Analysis: Marine insurance: the stranglehold on Iran?

HONG KONG/TOKYO (Reuters) – Marine insurance, or lack of it, may yet turn out to be the most effective sanction used by Western nations in 17 years of tightening the screws on Iran’s nuclear program.

A European Union oil embargo on Iran, set to take effect in July, prohibits EU insurers from covering Iranian oil exports anywhere in the world. With around 90 percent of the world’s tanker insurance based in the West, the arcane world of reinsurance and liability coverage has become a powerful weapon.

Apr 12, 2012

Japan MS&AD paying $530 mln for NY Life’s India JV stake

TOKYO/HONG KONG (Reuters) – Japan’s MS&AD (8725.T: Quote, Profile, Research) is acquiring New York Life’s 26 percent stake in a joint venture with Max India (MAXI.NS: Quote, Profile, Research) for about $530 million, in another example of Japanese companies’ growing appetite for overseas assets.

MS&AD Insurance Group, Japan’s largest property-casualty insurer by revenue, is among the industry’s most aggressive in expanding in Asia through acquisitions, buying both life and non-life assets to secure growth beyond its weak home market.

Apr 12, 2012

Japan MS&AD buying NY Life’s India JV stake for $540 mln-sources

TOKYO/HONG KONG, April 12 (Reuters) – Japan’s MS&AD
is set to buy New York Life’s 26 percent stake in a
joint venture with Max India for about $540 million,
two sources said on Thursday, signaling the continued appetite
of Japanese companies for overseas assets.

MS&AD Insurance Group, Japan’s largest property-casualty
insurer by revenue, is among the industry’s most aggressive in
expanding in Asia through acquisitions, buying both life and
non-life assets to secure growth beyond the weak home market.

    • About Clare

      "I am based in New York and write about IPOs and wealth management. I was formerly based in San Francisco, where I wrote about tech companies."
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