Westpac exits life insurance with $660 mln sale to Japan’s Dai-ichi
Westpac Banking Corp (WBC.AX) on Monday became the latest Australian firm to retreat from the life insurance sector, as it agreed to an A$900 million ($660 million) sale of its domestic unit to Japan’s Dai-ichi Life Holdings (8750.T).
Wall St gains as unemployment claims decline; Cigna slumps
Wall Street jumped on Thursday as U.S. unemployment claims declined further last week, while a drop in shares of health insurer Cigna dragged healthcare stocks lower.
France’s Axa rebounds from pandemic as XL unit swings to profit
Axa (AXAF.PA) posted a 180% surge in first-half net income on Monday as the French insurer rebounded from a spike in pandemic-related claims that led to a 1.5 billion euro ($1.8 billion) charge last year.
Allianz cooperating as DOJ probes Structured Alpha Funds
The U.S. Department of Justice has begun an investigation relating to Allianz Global Investors’ Structured Alpha Funds, following litigation pending in U.S. courts on the matter, German insurer Allianz (ALVG.DE) said on Sunday.
China state-owned daily urges calm after market rout
A Chinese state-owned securities newspaper urged calm on Wednesday after investors dumped mainland shares for a second day on worries over the impact of tighter government regulations.
Prudential Plc to join new Nairobi Financial Centre
Insurance company Prudential Plc (PRU.L) is set to sign an agreement on Tuesday to join the new Nairobi International Financial Centre, eventually becoming one of its anchor clients.
Aon, Willis halt $30 bln merger over monopoly concerns, delay
Aon Plc (AON.N) and Willis Towers Watson Plc on Monday called off a $30 billion merger that would have created the world’s largest insurance broker, saying U.S. regulators’ objections created unacceptable delay and uncertainty.
AIG to sell life and retirement unit stake to Blackstone, another with IPO
American International Group Inc (AIG.N)plans to use an IPO to sell part of its life and retirement business, while Blackstone Group Inc (BX.N)agreed to buy a sizeable stake, according to a person familiar with the matter.
Musk defends timing of Tesla’s $2.6 bln deal for SolarCity
Elon Musk told a judge on Tuesday Tesla Inc (TSLA.O) had to buy SolarCity in 2016 because the failing solar panel company was essential to the electric vehicle maker’s long-term goal of accelerating the transition to sustainable energy.
After COVID revenue collapse, Canadian municipalities face insurance premium spike
Canadian municipalities reeling from a pandemic-driven hit to revenues are facing an added blow from surging liability insurance costs, forcing them to raise property taxes or even cut services for residents.
