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Mar 7, 2012

HSBC sells general insurance business for $914 mln

HONG KONG, March 7 (Reuters) – HSBC has
agreed to sell its general insurance businesses to French
insurer AXA Group and Australia’s QBE Insurance Group for $914
million in cash, as Europe’s biggest bank moves ahead with its
plan to divest non-core assets.

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

Mar 7, 2012

HSBC sells general insurance biz for $914 mln

HONG KONG, March 7 (Reuters) – HSBC 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.

Mar 5, 2012

AIG to sell $6 billion in AIA stock to repay U.S. bailout

HONG KONG (Reuters) – American International Group (AIG.N: Quote, Profile, Research) is selling part of its stake in AIA Group (1299.HK: Quote, Profile, Research) to raise about $6 billion (3 billion pounds), which will help the U.S. insurer repay part of its government bailout.

Markets reacted favorably, with AIG shares rising to their highest levels in 10 months on the news.

Mar 5, 2012

AIG selling $6 billion of AIA shares

HONG KONG (Reuters) – American International Group is selling part of its stake in AIA Group to raise about $6 billion (3.8 billion pounds) to help the U.S. insurer repay a huge federal government bail-out.

AIG is looking to place some 1.7 billion AIA shares in a range of HK$27.15-27.50 per share – a discount of up to 7 percent to Friday’s AIA closing price, according to a term sheet seen by Reuters on Monday.

Mar 5, 2012

AIG selling $6 bln of AIA shares, to repay U.S. bail-out

HONG KONG (Reuters) – American International Group (AIG) (AIG.N: Quote, Profile, Research) is looking to raise about $6 billion by selling part of its stake in Asia subsidiary AIA Group (1299.HK: Quote, Profile, Research) in a long-awaited move to help the U.S. insurer repay a federal government bail-out.

AIG is offering about 1.7 billion shares in a range of HK$27.15-27.50 per share – a discount of up to 7 percent to Friday’s close of AIA shares, according to a term sheet seen by Reuters on Monday. Trading in AIA shares was suspended.

Mar 5, 2012

Insurer AIG selling AIA shares, to raise about $6 billion

HONG KONG (Reuters) – American International Group (AIG) (AIG.N: Quote, Profile, Research) is looking to raise about $6 billion by selling part of its stake in Asia subsidiary AIA Group Ltd (1299.HK: Quote, Profile, Research) in a long-awaited move to help the bailed-out U.S. insurer repay the federal government.

AIG is offering about 1.7 billion shares in a range of HK$27.15-27.50 per share – a discount of up to 7 percent to Friday’s close of AIA’s shares – according to a term sheet seen by Reuters. Earlier on Monday, trading in AIA shares was suspended.

Mar 5, 2012

AIG to raise about $6 billion from AIA stake

HONG KONG (Reuters) – American International Group (AIG) (AIG.N: Quote, Profile, Research, Stock Buzz) is looking to raise about $6 billion by selling part of its stake in Asia subsidiary AIA Group Ltd (1299.HK: Quote, Profile, Research, Stock Buzz) in a long-awaited move to help the bailed-out U.S. insurer repay the federal government.

AIG is offering about 1.7 billion shares in a range of HK$27.15-27.50 per share – a discount of up to 7 percent to Friday’s close of AIA’s shares – according to a term sheet seen by Reuters. Earlier on Monday, trading in AIA shares was suspended.

Feb 24, 2012

AIA reports new business grew 40 pct in 2011

Feb 24 (Reuters) – AIA Group Ltd, Asia’s
No.3 insurer, reported a 40 percent rise in value of new
business (VONB) for the year ended Nov. 30, 2011, as well as
growth in Thailand despite last year’s devastating floods.

VONB for the period rose to $932 million, while VONB margin
climbed 4.6 percentage points to 37.2 percent, the company said
in a filing with the Hong Kong Stock Exchange. VONB is a measure
of the present value of future business.

Feb 23, 2012

ING to sell Asia insurance JVs separately – sources

HONG KONG, Feb 23 (Reuters) – ING Groep NV is
planning to sell its three Asian insurance joint ventures
separately from its other Asia assets so that the overall sale
is not held up by negotiations with partners, two sources with
direct knowledge of the situation said.

ING has insurance joint ventures in China, India and Korea.
In China, it is partnered with Bank of Beijing Life
Insurance ; in India, its partner is Vysaya Life
Insurance, while in Korea it has a tie-up with KB Life
Insurance.

Feb 23, 2012

Buffett’s Berkshire muscles into Thai reinsurance

HONG KONG/BANGKOK (Reuters) – Warren Buffett’s Berkshire Hathaway (BRKa.N: Quote, Profile, Research, Stock Buzz) is pushing into the Thai reinsurance market and selling cover for higher rates, taking advantage of the retreat of competitors such as France’s CCR after they suffered losses from last year’s floods.

The presence of the U.S. conglomerate in the Thai market was confirmed by several sources in the insurance industry, including one who said Berkshire began doing business in the country in late December.

    • 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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