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Swedish fund to dump Skandia 2006-02-09 06:00:01 A state pension fund that had opposed Old Mutual's bid for Skandia said yesterday that it would sell its stake in the Swedish savings group and that it had no faith in the new owner. [Full Story...] AIG seeks settlement with regulators 2006-02-06 09:20:01 The insurance giant, which has been under scrutiny by US regulators for more than four years, is hoping to settle its case with a large payment. [Full Story...] PSG buys insurer Multinet for R180m 2006-02-02 06:00:01 PSG Group, the financial services company, agreed to buy Multinet Makelaars, a property and casualty insurer, for R180 million to double its premium income. The acquisition by PSG Konsult would give it access to 25 000 new customers, it said on Tuesday. [Full Story...] Old Mutual's Sutcliffe keen to follow through with Skandia 2006-01-30 04:00:01 As Old Mutual's offer for Swedish insurer Skandia becomes unconditional, Jim Sutcliffe, the chief executive of the London-listed life assurer, cannot hide his impatience to get everything back to normal. [Full Story...] Old Mutual ups Skandia support to 71.6% 2006-01-25 10:07:01 South African insurer Old Mutual says its offer to take over Skandia has received acceptances from 71.6 percent of the Swedish insurer's total shares and votes. [Full Story...] Insurers deny racist, monopolistic practices 2006-01-20 06:00:01 Claims by the vehicle repair industry that insurers practised racism and were guilty of anti-competitive behaviour have been rejected by the SA Insurance Association (SAIA). [Full Story...] Momentum to appeal on African Life Health 2006-01-10 06:00:01 Life insurer Momentum Group will appeal against conditions imposed by the competition authorities on its acquisition of the health insurance business of African Life Assurance. [Full Story...] Shack insurance on the horizon 2006-01-10 04:00:01 Shack dwellers will be able to buy insurance cover for their homes within months when the SA Insurance Association (SAIA) launches a Mzansi insurance product to match the Mzansi bank account. [Full Story...] Assurers count cost of penalties 2005-12-14 06:00:01 An agreement to compensate policyholders penalised for early withdrawals from retirement annuities would cut the embedded values of life assurers, major players in the industry said yesterday. [Full Story...] Sanlam's portion of assurers agreement set at R600m 2005-12-13 13:35:01 One of South Africa's largest life insurers has confirmed it will pay R600 million as part of a joint settlement agreement between the life insurance industry and the National Treasury. [Full Story...] Top three life assurers have their say on the adjudicator's year of rulings 2005-12-13 06:00:01 Ahead of yesterday's life assurance announcements, Liberty, Sanlam and Old Mutual granted Business Report interviews on the hot topics that have been plaguing the retirement annuity business in the past year. [Full Story...] Most South Africans can't afford life cover 2005-12-12 06:00:01 Eighty-seven percent of South African adults do not have any life cover and the main reason for this is lack of affordability, according to a study called FinScope 2005, which was carried out on behalf of the FinMark Trust. [Full Story...] Skandia subsidiary suggests breaking away from parent 2005-12-12 06:00:01 Skandia's pension and asset management subsidiary, Skandia Liv, on Friday surprised the market by suggesting that it break away from its parent in an attempt to claim its independence. [Full Story...] Assurance industry's annus horribilis 2005-12-09 06:00:01 In all the forecasts about how this year would turn out, no one predicted that the insurance companies would end the period bruised and battered after a series of shattering rulings from the office of the pension funds adjudicator. [Full Story...] Skandia waves the white flag, says report 2005-12-09 06:00:01 Old Mutual, Africa's largest insurer, yesterday resisted the temptation to crack open the champagne after Swedish media reported that its target, Swedish insurer Skandia, had waved the white flag. [Full Story...] Katrina dashes Lloyd's hopes for a good year 2005-11-30 12:38:01 Losses resulting from covering Hurricane Katrina claims mean that the chances of the underwriting market making a profit in 2005 are small, underwriter Lloyd's says. [Full Story...] Old Mutual in another pension fund ruling 2005-11-28 06:00:01 Insurance company Old Mutual was involved in a case highlighted by the pension funds adjudicator, Vuyani Ngalwana, when he released another series of rulings on retirement annuities on Friday. [Full Story...] Sanlam's Indian venture to start this year 2005-11-25 06:00:01 Sanlam's spicy joint venture in India, where it has taken a 26 percent stake in a new life insurance business, is set to begin operations by the end of December. [Full Story...] Liberty puts Australian unit on sale 2005-11-22 06:00:01 Liberty Group might dispose of PrefSure Life, its Australian life assurance unit, and Liberty Ermitage's hedge fund business to focus on local operations, South Africa's third-largest insurer said yesterday. This is after numerous approaches for the two businesses. [Full Story...] Hurricanes blow away AIG profits 2005-11-15 09:30:01 The world's biggest insurer had to absorb the financial blow of hurricane damage claims and profits were driven down by 36 percent. [Full Story...] American International to restate again 2005-11-10 01:07:01 American International Group, the insurer that corrected five years of financial results in May, would restate for a second time, raising net income by about $500 million (R3.38 billion) to fix errors in derivatives and income tax accounting, the world's largest insurer said yesterday. [Full Story...] Chinese life insurer to issue bird flu policy 2005-11-08 11:01:01 A Chinese firm will soon begin offering a life insurance policy for bird flu with a maximum payout of 100 000 yuan, state media reported on Tuesday. [Full Story...] Old Mutual to keep pushing for Skandia 2005-11-07 06:00:01 The acquisition of Skandia, the Swedish insurance group, was a "strategic imperative" for Old Mutual, Africa's largest insurer, and the London-listed firm would not willingly back away from the deal, sources said last week. [Full Story...] Old Mutual is unlikely to sweeten its R38bn offer for Skandia 2005-10-31 06:00:01 Old Mutual, Africa's largest insurer, is unlikely to sweeten its R38 billion takeover offer for Swedish savings group Skandia, despite the fall in the Old Mutual share price. Jim Sutcliffe, the chief executive of Old Mutual, said on Friday that the offer was still fair. [Full Story...] Record cash flows for Old Mutual's US arm 2005-10-26 06:00:01 Old Mutual, the London and Johannesburg-listed insurance giant that has made a R38 billion play for Swedish insurance group Skandia, said yesterday that its US asset management business had achieved record cash flows this year. [Full Story...] Metropolitan wins state health bid 2005-10-24 02:00:01 Metropolitan Holdings, South Africa's fourth-biggest life insurer, has won a bid to provide medical insurance to more than 1 million of the country's civil servants and their families. [Full Story...] Old Mutual gets hit by another rejection 2005-10-19 06:00:01 Swedish investment company Nordea yesterday said it would vote its 2.5 percent shareholding in Skandia against Old Mutual's 44.9 billion kronor (R38 billion) takeover bid for the insurance group. [Full Story...] Insurer poaches Lloyd's boss 2005-10-17 14:20:01 Lloyd's of London has lost its top man to Prudential, who will use him to lead the United Kingdom Insurance operations to the next stage in their development. [Full Story...] Coface ZA launches after completing agency buyout 2005-10-17 06:00:01 Coface ZA, the South African subsidiary of the world's third-largest credit insurance and risk management company, officially launched in KwaZulu-Natal on Friday after buying 100 percent of Credit Underwriting Agency Limited (Cual) in January. [Full Story...] Adjudicator makes more rulings against life assurers 2005-10-12 06:00:01 Undeterred by the raging retirement annuity debate, the office of the pension funds adjudicator yesterday released another 14 rulings on retirement annuities which found unlawful deductions had been made by life assurers including the Professional Provident Society, Sanlam, Sage, Momentum and Liberty Life. [Full Story...] |
