Global private equity fund Blackstone Group LP is backing Mark Wilson, the former chief of AIA Group Ltd, in the bidding for ING Groep NV’s Asia insurance unit, a source directly familiar with the matter said. The consortium led by …
A.M. Best Europe – Rating Services Limited has downgraded the financial strength rating to ‘A-‘ (Excellent) from ‘A’ (Excellent) and the issuer credit rating (ICR) to “a-” from “a” of UK-based Brit Insurance Limited (BIL), and has placed the ratings …
Banco Financiero y de Ahorros (BFA) has sold its 10.36 percent stake in MAPFRE AMÉRICA for a consideration of € 244 million [$324 million] to Spanish insurer MAPFRE through the exercise of a put option agreed between the parties in …
ING Groep NV has put its roughly $775 million stake in Thailand’s TMB Bank Pcl on the block as the bailed-out Dutch financial services group pushes ahead with Asian divestments, sources familiar with the matter told Reuters. ING, which is …
HSBC has agreed to sell its general insurance businesses to French insurer AXA Group and Australia’s QBE Insurance Group for $914 million in cash, as Europe’s biggest bank moves ahead with its plan to divest non-core assets. The deal, the …
Standard & Poor’s Ratings Services has followed up on its analysis of its ratings for Bermuda-based Ariel Reinsurance Co. Ltd. following the announcement that it is selling its Bermuda-based business to Arrow, a unit of Goldman Sachs, and its credit …
The selloff of various parts of Ariel Re continues, as Arch Capital announced that it will acquire Ariel Re’s Credit & Surety reinsurance operations based in Zurich. The news follows an earlier announcement that Goldman Sachs is acquiring Ariel Re’s …
Both A.M. Best and Standard & Poor’s issued bulletins following the announcement that Ariel Re was selling off its Bermuda-based reinsurance business to Arrow, a unit of investment Bank Goldman Sachs, and its trade credit and surety (C&S) operations, which …
American International Group is selling part of its stake in AIA Group to raise about $6 billion to help the U.S. insurer repay a huge federal government bail-out. AIG is looking to place some 1.7 billion AIA shares in a …
Willis Europe BV, a subsidiary of global insurance broker, Willis Group Holdings plc, and Peruvian financial services group Credicorp Ltd, announced that, on February 24, 2012, Grupo Credito, a subsidiary of Credicorp, acquired 49.9 percent of the shares in Willis …
