Insurance News ME

BIMB to start talks with ADKM for Takafu

KUALA LUMPUR: BIMB Holdings Bhd has been given approval by the central bank to start negotiations with Abu Dhabi-Kuwait-Malaysia Strategic Investment Corporation (ADKM) for a strategic stake in Syarikat Takaful Malaysia Bhd (Takaful Malaysia).

GIC plans to scale up overseas operations

India's designated reinsurer General Insurance Corporation (GIC) is on a drive to expand its global footprint. The public sector company intends to open a representative office first in Brazil in the current financial year and then later in China.

Aviva to focus on bancassurance tie-ups

The top UK life insurer hopes to enter new markets in Asia including Indonesia, Vietnam, Thailand and the Middle Eastern countries this year.

Maybank, Jeddah’s ICD sign MoU on global takaful business

KUALA LUMPUR: Malayan Banking Bhd (Maybank) is exploring setting up an international takaful holding company with Jeddah-based Islamic Corporation for the Development of the Private Sector (ICD).

MNRB To Acquire 9.99 Pct Stake In British Islamic Insurance Firm

KUALA LUMPUR, April 9 (Bernama) -- MNRB Holdings Bhd announced Wednesday it will subscribe up to 71.676 million new "A" shares representing 9.99 percent of the issued share capital of UK-based British Islamic Insurance Holdings Ltd (BIIH) for up to 8.96 million pound sterling (about RM57.8 million).

Munich Re travel insurance unit signs co-operation deal with Air Asia X

Munich Re's travel insurance unit, Europaeische Reiseversicherung, has signed a co-operation deal with Malaysian airline Air Asia X, unit head Wolfgang Diels told Financial Times Deutschland.

Public Bank, ING in 10-year Asia Pacific strategic alliance

KUALA LUMPUR: Public Bank Bhd and ING Group have struck a strategic regional alliance to tap into long-term regional opportunities in various banking activities in the Asia Pacific.

Malaysia may allow full foreign ownership of Islamic insurance firms - minister

Malaysia may allow foreign players to set up wholly owned Islamic insurance companies or takaful in a bid to cement its position as the region's leading Islamic financial hub, Deputy Finance Minister Awang Adek Hussin said Friday.

Overseas expansion for Tune Money

Tune Money Sdn Bhd, which launched Malaysia's first online insurance service Tune Money Insurance last month, hopes to expand its insurance and other financial services to Indonesia, Vietnam and Thailand by June.

AmAssurance eyes 20% growth in general insurance

AmAssurance Bhd is targeting a 20% growth in general insurance premium for its year ending April 30, 2008 on the back of its strategic partnership with IAG International Pty Ltd, said its corporate communications and marketing department head Alex Tan said.