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Tuesday, 7 December 2010

News Posts 20101129-20101205

Insurance News Pacific Insurance will be sold to Fairfax for RM201 mil in cash, plus incremental NTA from 31 Dec 2008. The price represents 1.68 times NTA at 31/12/2008. The deal is expected to complete by March 2011. As a comparison, RHB Insurance was valued at 1.85 times book value while Jerneh Insurance was priced at 1.07 times.
PETALING JAYA: PacificMas Bhd has signed a share sale agreement to sell its entire equity interest in The Pacific Insurance Bhd (PIB) to Fairfax Asia Ltd.
December 4, 2010

Insurance News Prudential has set itself targets of doubling 2009 value of its Asian life and asset management pre-tax operating profit and doubling its 2009 Asian premiums. Both targets to be achieved in year 2013.
LONDON: The boss of Britain’s biggest insurer Prudential Plc has outlined a plan to double Asian premiums by 2013, a move seen as bolstering his grip on the top job after a bungled takeover in the high-growth region.
December 2, 2010

Insurance News The Malaysian Association of Suppliers and Managers of Foreign Workers said that the insurance companies will be making a clean profit of more than 90% on the Foreign Worker Health Insurance Scheme. The allegation is totally lack of common sense!
KUALA LUMPUR: The directive requiring all foreign workers except domestic maids to have health insurance will only benefit insurance companies, said the Malaysian Association of Suppliers and Managers of Foreign Workers.
December 2, 2010

Insurance News MAA has not reached agreement with potential buyers of its general insurance business because it is holding out for more than RM300 mil. The price previously negotiated with AmG Insurance was RM274.8 mil. MAA has until August 2011 to raise capital to meet CAR requirement.
Tunku Datuk Ya'acob MAA Holdings Bhd (1198) has yet to sell its general insurance business arm to AmBank Group because it is holding out for more than RM300 million.
December 1, 2010

Insurance News Kurnia delivered a weak quarterly results with lower underwriting surplus before expenses and higher management expenses.
KUALA LUMPUR: KURNIA ASIA BHD swung into the red with net losses of RM3.74 million in the quarter ended Sept 30, 2010 as it was impacted by higher management expenses while there was an underwriting deficit.
November 30, 2010

Insurance News The Malaysia Deposit Insurance Corporation Bill 2010 was tabled for 1st reading in Dewan Rakyat. The bill will provide for the establishment of an explicit national takaful and insurance benefits protection system.
KUALA LUMPUR: The Malaysia Deposit Insurance Corporation Bill 2010 was tabled for first reading in Dewan Rakyat on Tuesday, paving the way to increase the deposit insurance limit from the current RM60,000 to RM250,000 for next year.
November 30, 2010

Insurance News MAA is considering raising more capital, either via rights or medium term note to meet the capital requirements by BNM. MAA is still in talks with various parties to sell its general insurance arm.
KUALA LUMPUR: MAA HOLDINGS BHD is mulling over raising more capital to increase its buffer.
November 30, 2010

Insurance News The government will speed up the review of TPBID scheme, after having had discussions with the insurance industry in August to September. The proposed mechanism will be presented to the government early next year after follow-up consultation with various interested parties. The average claim for private and commercial vehicles older than 10 years is about 17.5% higher than vehicles less than 10 years old.
KUALA LUMPUR: The Government will speed up the process to come up with a mechanism to provide third party insurance coverage, especially for motor vehicles aged 10 years and above.
November 29, 2010

Insurance News Actuaries are good candidates for financial institution board and risk management committee members because they have a different way of thinking about risk, possess advanced risk analysis skills and have vast experience gained at board level. As a professional group. actuaries are also supported by strong standards to ensure the quality of their analysis and advice.
The Institute of Actuaries of Australia (IAA) has called for more of its members to be included on the boards and risk management teams of insurance companies.
November 29, 2010

Insurance News The proposed private pension system will be voluntary. The development of the framework will be addressed in the 2nd Capital Market Masterplan targeted to be released before year-end.
Datuk Ranjit PETALING JAYA: The second Capital Market Masterplan (CMP2) for Malaysia from 2011 to 2020, which is expected to be released before year-end, will address key areas such as the development of a private pension fund framework, boosting retail participation in the local stock market, working capital improvement and higher attention to governance.
November 29, 2010

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