Zurich Insurance has signed a deal to buy Malaysia’s MAA Takaful for $134.6m (£92.7m, €117m), giving Europe’s fifth biggest insurer a foothold in the world’s second largest Islamic insurance market.
Ireland’s state-owned insurer, Vhi Group, the country’s largest health insurer, has entered the life insurance market after joining forces with Zurich Insurance.
Zurich Insurance is poised to buy Malaysia’ MAA Takaful after receiving regulatory approval.
Regulation, technology and the rapidly changing lifestyles of consumers is ushering in a period of unprecedented flux within the life industry, creating a rich seam of opportunity for new players.
Deadlines to implement business changes thanks to new regulations are coming thick and fast. So how are international life companies and global intermediaries changing their business models as a result?
The majority of employers in the Middle East do not set aside specific assets to cover their end of service benefit (EOSB) liabilities, according to a survey by Zurich Global Life’s Middle East and Africa division.
Zurich Insurance has named climate change as one of the biggest risks facing economies in the Asia Pacific (APAC) region, according to a recent report published in partnership with the World Economic Forum.
Zurich Australia, part of Zurich Insurance Group, said it has reached a deal with the Macquarie Group to buy its Australian life insurance business for an undisclosed sum.
Schroders courted a little controversy this week with the appointment of its new board chairman. Zurich Insurance named a new chief underwriting officer in Asia Pacific, while Legal & General Investment Management created a new head of product role.
Zurich Insurance Group’s existing operations in Hong Kong and Singapore have emerged intact from the current global review into the company’s operations.
Zurich Insurance Company will divest its 25% stake in financial services partnership Openwork within the next four years, under an agreement that will see Openwork continue to distribute Zurich product lines in the UK.
Nikko AM has named a new EMEA head; while Generali Worldwide, after losing its chief executive to Zurich, has poached a new sales manager for the firm’s Singapore branch. Zurich UK Life appointed a new CFO and RBS Group named JP Morgan Chase’s former head of wealth management in Asia as the new chief executive…
