AXA announced today that it has entered into an agreement with HSBC* to sell AXA Insurance Pte Ltd (“AXA Singapore”). Under the terms of the agreement, AXA will sell AXA Singapore for a total cash consideration of USD 575 million (or Euro 487 million*). The transaction is estimated to result in a negative net income impact of ca. Euro 160 million in AXA Group’ s FY21 … [Read more...] about AXA to sell its insurance operations in Singapore for USD 0.6 billion
Regulatory
DARAG announces Loss Portfolio Agreement with Insr Norway
DARAG Group (“DARAG”), a leading legacy acquirer, today announces that following a competitive process, its German insurance carrier DARAG Deutschland AG has signed a Loss Portfolio Transfer (“LPT”) followed by a Portfolio Transfer (“PTA”) with Insr Insurance Group ASA (“Insr”), an insurance group listed on the Oslo Stock Exchange (“OSE”) All of Insr’s remaining insurance … [Read more...] about DARAG announces Loss Portfolio Agreement with Insr Norway
Enstar Completes Transaction with ProSight
HAMILTON, Bermuda, Aug. 04, 2021 (GLOBE NEWSWIRE) -- Enstar Group Limited (NASDAQ: ESGR) announced today that one of its wholly owned subsidiaries has completed a transaction with ProSight Global, Inc. (“ProSight”) to provide reinsurance relating to 2019 and prior year business. The reinsurance comprises a ground up loss portfolio transfer of ProSight’s discontinued workers’ … [Read more...] about Enstar Completes Transaction with ProSight
Divided We Stand
American states have risen to the challenge. Faced with a decided advantage that re/insurers have to shed books of business under Part VII of the UK’s Financial Services and Markets Act, and responding to requests by US re/insurers for a similar mechanism, the American states have enacted a variety of legislative approaches to enable such transactions in the US. The two … [Read more...] about Divided We Stand
Arkansas Insurance Department Lauds New Insurance Business Transfer Law
LITTLE ROCK, Ark. – Earlier this spring, Arkansas joined a handful of U.S. states in adopting the new insurance business transfer model called the Insurance Business Transfer (IBT) Act. The law provides insurance companies an organized and efficient process to transfer blocks of insurance business from any jurisdiction to another insurance company in Arkansas, benefiting … [Read more...] about Arkansas Insurance Department Lauds New Insurance Business Transfer Law
