AIG unit bid defended by Hong Kong group
Hong Kong-based Primus Financial Holdings on Wednesday defended its bid to buy the Taiwan unit of ailing US insurance giant American International Group. The move for Nan Shan Life came a day after the application by Primus Financial Holdings and its partner China Strategic Holdings was rejected by Taiwan’s Investment Commission. Taiwan authorities said they feared the Hong Kong consortium was short of experience to manage an insurer and charged that it had failed to provide a long-term management commitment. “The allegations and concerns... Lire la suite
Market / Participation : Axa cuts stake in Goldman Sachs
French insurer Axa has cut its holdings in US investment bank Goldman Sachs, which last month announced an 82 percent profit slide, by roughly one half, according to documents filed with the US Securities and Exchange Commission. Axa, which had been Goldman’s largest shareholder, sold more than 14 Million shares between January and June, reducing its stake to 2.8 percent from 4.8 percent, the documents showed. Axa said the sale was part of its plan to re-orient its financial assets in the United States. Axa has lowered its stake in the US... Lire la suite
EU opens antitrust probe into maritime insurance
European Union regulators opened an antitrust probe on Thursday into the maritime insurance sector, citing concerns that certain agreements may harm ship owners. The European Commission said it would investigate agreements between the Protection & Indemnity Clubs, mutual non-profit associations that provide insurance to ship owners, within the International Group of P&I Clubs (IG). IG is a worldwide association of 13 P&I Clubs and its members, which include clubs from the United States, Japan and Britain, provide protection and... Lire la suite
Wedding insurance specialist Ecclesiastical responds to news about wedding supplier Confetti going into administration
Following news that wedding supplier Confetti has gone into administration, Ecclesiastical, one of the UK’s leading providers of wedding insurance, has advised prospective brides and grooms to contact their wedding insurers if they have any questions or concerns relating to this news. According to Ecclesiastical, supplier failure has been the largest source of claims on the company’s wedding insurance policies over the last two years, followed by damage to wedding outfits and cancellation or rearrangement of the event. Ecclesiastical’s wedding... Lire la suite
Insurance market : Legal & General insurer shares rise on bid talk-traders
Shares in insurer Legal & General rose 3 percent on Wednesday, hitting a near two-year high and outperforming UK peers, with traders citing market talk of bid interest from Zurich Financial. Legal & General declined to comment. The UK insurance sector has been buoyed recently by merger and acquisition speculation, after Aviva earlier this week said it had rejected a 5 billion pound bid approach from RSA for some of its core non-life operations. On Tuesday, traders also cited talk that France’s AXA might be interested in Aviva. More... Lire la suite











