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Chinese property insurer Bohai Property Insurance Co., Ltd. inked a contract to sell a 20 percent stake in it to Insurance Australia Group (IAG) for about USD 107 million, or CNY 687.5 million, in Tianjin on August 15. The deal will be subject to concerned Chinese authorities and only after gaining approval, it will be [...]
Insurance Firm Sues CPA for $5.7 Million
An insurance company claims that relying on false financial statements has cost it $5.7 million. Travelers Casualty & Surety Co. of America has filed a federal lawsuit against the CPA, H. Neal Privitt of Little Rock, who provided the financial statements in an attempt to recover the money. Travelers was the surety bonding company for [...]
ASIAN-BASED IGATE’S Q3 NET INCOME UP 60% AT US$14.3 MLN
US-based, Indian-focused IT outsourcing firm iGATE on Wednesday said its net income jumped by 60.67 per cent to US$14.3 million in the quarter ended September 30, 2010. The company, which earns 80 per cent of its revenue from North American markets, had registered a net income of $8.9 million in the third quarter last year. [...]
Central Bank Of India Ties Up With Cholamandalam Gen. Insurance
August 16th, 2011 
gary Indian public sector lender Central Bank (BSE:532885) has entered into a tie-up with Murugappa Group Cholamandalam MS General Insurance to sell its products across the country. Through this association, Cholamandalam MS General Insurance products would be customised for Central Bank customers and be available at all its 3,728 branches, city-headquartered Cholamandalam MS General Insurance said [...]
Top Japan Nonlife Insurers’ Net Profits Down 5.4% In 1st Qtr
August 16th, 2011 gary Three leading Japanese casualty insurance groups have reported a combined net profit of 105.2 billion yen (US$1.36 billion) for the April-June quarter, down 5.4 per cent from a year earlier, on higher claims payouts stemming from overseas natural disasters. The strong yen also ate into foreign earnings. But payouts related to Japan’s March 11 earthquake [...]
Sri Lanka Softlogic Buys 73.5% Of Asian Alliance Insurance
August 16th, 2011 gary Sri Lanka’s Softlogic Holdings group today brought a 73.5 percent stake in Asian Alliance Insurance, a listed insurer for 3,308 million rupees (US$30.1 million), at 120 rupees per share. The total 27,574,416 shares were transferred as a privately negotiated deal or crossing. Nishan Sumanadeera, Head of Frontier Capital Partners, an investment advisory that facilitated the [...]
Insurance Australia Group To Buy 20% Stake In Chinese Insurer
August 16th, 2011 gary Insurance Australia Group Ltd (IAG, ASX:IAG) is to spend about A$100 million (US$103.51 million) to take a 20 per cent stake in a general insurer in China. The strategic share in Bohai Property Insurance will give IAG representation on the Chinese company’s board and senior management roles including a deputy general manager. The transaction, which [...]
China To Soon Submit 2011-15 Plan For Financial Industry: Report
August 16th, 2011 gary China’s Five-Year Plan for financial Industry Development and Reform (2011-2015) has basically been drafted by the central bank and the regulators of banking, securities and insurance industries, and will be submitted to the State Council for approval soon, Xinhua-run Economic Information Daily reported Thursday. Insiders revealed that the plan will put the focus of market [...]
S.korea’s Samsung Life Posts Drop In Q1 Net Income To Us$248.3m
August 16th, 2011 gary Samsung life insurance Co. (KSE:032830), South Korea’s top life insurer, said Friday its first-quarter earnings more than halved from a year earlier due mainly to an absence of one-off profit. Net income came to 268.4 billion won (US$248.3 million) in the April-June period, compared with 567.8 billion won a year earlier, the company said in [...]
Investment To Be Engine Of Indonesia’s Economic Growth: Minister
August 16th, 2011 gary Investment is expected to become an engine of Indonesia`s economic growth in the future, Coordinating Minister for Economy Hatta Rajasa said here on Friday. If this happens the people will no longer depend on household consumption, the minister said. “Growing nearly double-digit over some 20 per cent, the investment at present is very strong and [...]
