This insurer has now received its preliminary approval from the Monetary Authority of Singapore. The Great American Insurance Company, the lead insurer of the Great American Insurance Group, has now received its preliminary approval to be able to do business in Singapore, by that country’s Monetary Authority. This gives the company the opportunity to be able to establish a branch of operation in that Asian country. Great American now intends to bring its insurance company to Singapore, where it will start underwriting risks as soon as the licensing pre-conditions have…
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Life insurance stake at Vysya sold by ING
The 26 percent share in the company was expected to sell and has finally gone to another insurer. ING, the Dutch banking group, has sold its 26 percent share of Vysysa Life Insurance to another insurer in the Asian marketplace, Exide Industries, a local company. This makes ING the second foreign business to step out of India within the last year. This is a notable occurrence as the life insurance sector within India is considered to be competitive. ING made the initial announcement on Wednesday, stating that this decision to…
Read MoreInsurance news from AIG now includes Chinese joint venture
American International Group has announced that it will be working with PICC. The latest insurance news from U.S. insurer American International Group, Inc., is that it will be entering into a joint venture with the life policy business unit of People’s Insurance Co. (Group) of China, Ltd. This may place AIG into a situation where it is competing directly with its former Pan-Asian business unit. This insurance news has been released as the insurer announced that it would be purchasing $500 million worth of PICC shares in that companies up…
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