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Sep
09

Healthcare Reform Caveat for Back-to-School International Students in US Colleges

An unintended side effect of some provisions in the Obama administration's new healthcare plan has the potential to prevent public and private universities in the US from offering certain types of health insurance to their students, including international students.

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Sep
08

QBE Acquires Seattle Specialty Insurance Services

Australia-based QBE has recently announced the acquisition of Seattle Specialty Insurance Services Inc., through its US-based subsidiary Sterling National Corporation. With headquarters in Everett, Washington since 1992, Seattle Specialty Insurance Services has been providing insurance services to financial institutions, and will operate as a wholly-owned subsidiary of Sterling National.

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Sep
07

RBS Ponders Sale of Insurance Unit

UK-based Royal Bank of Scotland (RBS) may be in the process of selecting advisers for the sale of their insurance unit. Previously, the company had been considering a public listing rather than a trade sale. This unit of the RBS Group has to be disposed of as part of the rescue package extended by the European Union when the bank ran into trouble during the global financial meltdown.

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Sep
07

Allianz Global Corporate & Specialty Opens New Office in Spain

Allianz Group's dedicated corporate insurance arm, Allianz Global Corporate & Specialty (AGCS), is set to open up a new branch office in Madrid, Spain. Allianz Global Corporate & Security will be taking over the local portfolio of large-size corporate insurance customers from the local Allianz unit, Allianz Compañía de Seguros y Reaseguros, SA (Allianz Seguros). The new AGCS branch will work…

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Sep
06

Taiping Life Insurance Approved for New Provincial Branch

Chinese Insurer, Taiping Life Insurance Co., has been given approval by the China Insurance Regulatory Commission (CIRC) to set up its newest provincial branch in Hainan Province. With approval from the CIRC to open the new branch office, Taiping Life Insurance will now have 35 provincial branches throughout China. Hainan Province's insurance market brought in RMB 2.94 billion (USD 433 million) in…

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Sep
03

CNA Gains Access to RSA Global Distribution Network

CNA insurance company has recently entered into an agreement with RSA, formerly known as Royal & SunAlliance, to provide companies based in the US with access to the global distribution network of RSA. Through this agreement, CNA will be able to expand its reach to India, South Africa, Australia and a good number of countries in Latin America. This new agreement with RSA does not discontinue the current 16-year alliance that CNA has with Assicurazioni Generali.

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Sep
02

Taiwanese Regulators Reject Sale of AIG Unit to Primus

The Financial Supervisory Commission (FSC) of Taiwan has recently announced it has rejected the planned purchase of the life insurance unit of AIG in Taiwan by Primus Financial Holdings Ltd. It is believed the FSC had concerns about Primus, which is based in the Cayman Islands, may be backed by funds from mainland China, thus in violation of the Taiwan law that prohibits Chinese investment in the financial sector.

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Sep
01

China Life Aims to Expand Bancassurance Channel

China Life Insurance Company Limited (China Life), the largest life insurance company in China by premium, has started to shift its sales strategy towards the bancassurance distribution channels. As a first for the company, the bancassurance channel has contributed more than 70% of the company's insurance premiums for the first half of 2010, becoming a vital premium generator for the company.

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Aug
31

Aetna Global Benefits Appoints New Head of Middle East Operations

Stuart Leatherby has been appointed as the Managing Director to head up Aetna's expatriate health insurance business, Aetna Global Benefits, in the Middle East and Africa. Leatherby has been working with Aetna Global Benefits since 2000, and prior to his promotion he has been working as the head of Aetna Global Benefits' International Markets Development team where he was responsible for expanding…

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Aug
30

Ping An Achieves Bumper Profits in the First Half of 2010

Ping An Insurance, the second largest insurer in the world, achieved a 27.9 percent increase in net profit in the first half of the year, reaching US1.65 billion (EUR 1.3 billion), attributing it to a steady growth in sales of insurance products and banking services.

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