Industry News

Industry News

UPDATE 1-IAG set to become Australia's No. 1 insurer after Wesfarmers deal

Posted on : Dec 16, 2013 2:34am Dec 16 (Reuters) - Insurance Australia Group Ltd (IAG) is set to become Australia's biggest insurer by market share after it agreed to buy the insurance underwriting businesses of Wesfarmers Ltd for A$1.85 billion ($1.66 billion). read more

ADB considering Islamic bond, sovereign insurance product

Posted on : Dec 16, 2013 1:19am Dec 16 (Reuters) - The Asian Development Bank (ADB) is considering an Islamic bond as early as next year, plans which could evolve into a regular issuance programme and an insurance product to help member countries offer sukuk of their own. read more

Elementum Advisors registers SPI to write collateralized reinsurance

Posted on : DEC 16, 2013 Elementum Advisors, an independent insurance-linked securities (ILS) and reinsurance-linked investment manager has registered a new SPI in Bermuda, called Elementum Re Ltd., as it further enhances its platform for writing collateralized reinsurance. read more

Investors push for sale of insurance giant RSA following profits warning

Posted on : 15 Dec 2013 12:40 Group employs 1,200 people in Liverpool and has a black hole in its accounts estimated at more than £500m
Major investors in troubled insurer RSA – one of Liverpool’s biggest employers – have called on the More Than owner to consider putting itself up for sale, it is reported today. read more

Sompo Japan Considers Acquisition of U.K.’s Canopius Group

Posted on : Dec 15, 2013 11:22 AM Sompo Japan Insurance Inc., a unit of Japan’s third-largest casualty insurer group by market value, is considering buying U.K.’s Canopius Group Ltd. as it continues an overseas expansion. read more

AIG to value aircraft-leasing unit at $5 billion: report

Posted on : Dec 15, 2013 10:55pm (Reuters) - U.S. insurer American International Group (AIG.N) is valuing its aircraft-leasing business, which it is in talks to sell to AerCap Holdings NV (AER.N), at $5 billion, the Wall Street Journal reported on Sunday. read more

RPT-Fitch: Stable Outlook for UK Non-Life Insurance but Margins Remain under Pressure

Posted on : Dec 13, 2013 6:49am Fitch Ratings says in a new report that UK non-life insurers will continue to face pressure on their underwriting margins due to fierce competition, making sustaining underwriting profitability one of the main challenges for 2014. read more

IRDA may end third party insurance pool

Posted on : Oct 31, 2011, 02.38am IST MUMBAI: The insurance regulator is contemplating scrapping the third party motor pool from which claims of all accident victims are settled, possibly doubling the insurance premium for millions of automobile buyers. read more

PAN must for payment of premium above Rs 50,000 in cash, says insurance regulator Irda

Posted on : Oct 6, 2011, 01.10pm IST NEW DELHI: Insurance regulator Irda on Thursday said that quoting PAN number would be mandatory for making cash payments of more than Rs 50,000 in insurance premium, a move which would help the authority track sources of funds. read more

Govt approves 26% stake sale of Reliance life insurance to Nippon

Posted on : Aug 17, 2011, 05.18am IST NEW DELHI| HYDERABAD: The government has allowed Anil Dhirubhai Ambani Group firm Reliance Life Insurance to sell 26% stake to Japan's largest life insurer Nippon Life Insurance. read more