MOSCOW: Sovcombank and Liberty Mutual Group have entered into a definitive agreement whereby Sovcombank will acquire Liberty Insurance PJSC, a Russian subsidiary of Liberty Mutual. Boston-based LMHC, the parent corporation of the Liberty Mutual Insurance group of entities, is a…
NEW YORK: Declining rates and growing competition in the U.S. workers’ compensation insurance segment could begin to challenge carriers’ ability to retain profitable accounts and maintain market share, a new AM Best report said. The Best’s Market Segment Report, “Declining…
LONDON, UK: TBC Bank Group’s subsidiary JSC TBC Bank has signed a loan agreement in the amount of GEL (lari) 90 million with the European Investment Bank (EIB) to finance micro, small and medium size businesses in Georgia and support…
CAIRO, EGYPT: EFG Hermes announced entry into a definitive sale and purchase agreement (SPA) to acquire a 75% stake in life insurance player Tokio Marine Egypt Family Takaful in a deal worth EGP 84.75 million. Under the agreement, which is…
MANAMA, BAHRAIN: SICO BSC has been recently appointed as issue execution advisor, receiving agent, and allotment agent in the proposed voluntary acquisition of Bahrain Islamic Bank (BISB) by National Bank of Bahrain (NBB). SICO BSC is a leading regional asset…
SYDNEY, AUSTRALIA: Founders First Limited has announced the successful completion of its Initial Public Offer and listing on the Australian Securities Exchange (ASX). Founders First funds many different growth strategies; including acquisitions, sales & marketing, expansion rollouts, exporting and fixed…
LONDON: The European Investment Bank (EIB) has estimated its funding needs for 2020 at EUR 60 billion.The EIB has completed its 2019 funding programme of EUR 50.3 billion – in line with the funding authorization announced for the year. The…
OLDWICK: AM Best has assigned the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a+” to Westfield Champion Insurance Company, Westfield Premier Insurance Company, Westfield Superior Insurance Company and Westfield Touchstone Insurance…
LONDON, UK: Oakley Capital Investments Limited announced that Oakley Capital Private Equity III and other co-investors have reached an agreement to sell their stakes in WebPros Group, a leading provider of web hosting automation software, to CVC Fund VII. In…
RIYADH, KSA: EFG Hermes, the leading financial services corporation in Frontier Emerging Markets (FEM), announced that its investment banking team has successfully completed advisory on Saudi Aramco’s USD 29.4 billion IPO on Tadawul, the largest IPO on record. EFG Hermes…
BEIRUT: AM Best has commented that the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb” of Lebanon based ARABIA Insurance Company (AIC), both with a negative outlook, remain unchanged despite the increased…
NEW YORK: AM Best has maintained a market segment outlook of stable on the U.S. commercial lines industry for 2020, citing factors such as improved market conditions and solid levels of risk-adjusted capitalization that have helped insurers weather short-term profitability…