Subject: M&A Page 7 / 69
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- July 22 2024
Income Insurance acquisition highlights Allianz’s increasing focus on South-East Asia: S&P
Allianz Insurance Singapore, rated "A+" with a "stable" outlook, remains a strategically important subsidiary of the group, as the rating reflects the extent of support the rating agency expects from the group.
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- July 19 2024
Income to benefit from Allianz’s global expertise and potential synergies: Fitch
The proposed acquisition is fully in-line with Allianz’s strategic objectives to grow inorganically in property and casualty, the rating agency said.
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- July 19 2024
South Korea’s MG Non-Life insurance gets no bidder third time in a row
Private equity firms JC Flowers and Dayli Partners, which participated in the preliminary bid in April and conducted due diligence on it, have dropped out of the deal.
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- July 17 2024
Allianz makes US$1.6bn offer for 51% of Singapore’s Income Insurance
The offer is subject to the approval of the shareholders of Income Insurance for the amendments to the constitution and the proposed name change.
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- July 16 2024
AUB targets New Zealand expansion through equity partnership with Northco
Northco’s management will retain a significant shareholding "to continue to adopt an entrepreneurial focus for the business".
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- July 13 2024
Great Eastern privatisation deal falls short of compulsory acquisition threshold
Trading in Great Eastern shares will be suspended after OCBC failed to garner enough shares from minority shareholders, putting the take-private bid and the insurer's listing status in a stalemate.
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- July 9 2024
Easing hard market cycle shifts carriers’ focus to APAC M&A, tech megatrends
More (re)insurers are riding on new tech trends to profit from over US$200bn premium potential, as there is also a growing interest in M&A opportunities in the region, according to Aon’s strategy and technology group.
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- July 5 2024
Minority shareholder of Chubb-backed Huatai Insurance puts US$10m stake up for sale
State-owned China General Nuclear Power Group is selling its 0.16% stake in the Beijing-based insurer, as Chubb gradually raised its ownership to 85.53% this year.
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- July 4 2024
Hong Kong’s new RBC regime could trigger more industry consolidation: S&P Global
The higher compliance costs, coupled with earning swings due to market volatility, could lead to an increase in M&A in the sector and force some insurers to raise more capital, said S&P Global Ratings.
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- July 2 2024
Envest appoints ex-Honey Insurance Eoghan Trehy to lead Resilium Partners
The M&A arm which specialises in investing in authorised representatives has hired Trehy as part of its senior executive team, which includes managing director Ben Hastie, and new head of finance Clive Kingsley.
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- June 28 2024
Suncorp’s US$3.2bn bank sale to ANZ gets treasurer’s greenlight
The approval by Treasurer Jim Chalmers has now set in motion the final completion of the deal, now expected by end of July.
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- June 24 2024
Lotte Insurance final bids due June 28, Woori remains in the race
The sale by PE owner JKL Partners, managed by JP Morgan, is targeting US$1.45bn price tag for the carrier.
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- June 24 2024
Income Insurance on S&P CreditWatch negative on potential government support dilution
The CreditWatch followed news that the Singapore government-backed insurer is in talks with Allianz for a stake sale.
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- June 19 2024
Zurich completes acquisition of 70% stake in Kotak General Insurance
The transaction is the largest foreign investment in India’s general insurance market and the first by a foreign insurer since the FDI limit was raised to 74%, according to the global carrier.
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- June 17 2024
Singapore’s Income Insurance confirms buyout talks with Allianz
An application for the partnership has been filed with the Monetary Authority of Singapore, reports say.
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- June 11 2024
Howden broadens New Zealand footprint with Bridges acquisition
The deal expands Howden’s mid-market and SME offering in the country as well as grows its presence in the Waikato region.
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- June 10 2024
AUB picks up 40% stake in UK retail broking network Momentum
The deal gives the Australian intermediary access to an authorised representative network with over 100 partners placing more than US$114m in premium.
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- June 6 2024
RBI approves Zurich’s acquisition of Kotak General Insurance’s 70% stake
All regulatory approvals required for the transaction are now received, according to Kotak Mahindra Bank.
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- June 5 2024
Chubb lands Australian aviation specialist MGA
The global insurer plans to close the acquisition of Melbourne-based Catalyst Aviation Insurance by the end of this month.
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- May 29 2024
Great Eastern’s minority shareholders demand better offer from OCBC: report
The take-private offer is priced at a 30% discount to the Singaporean insurer's embedded value, a metric often used to value insurance firms elsewhere, shareholders say.
