Insurance News
Brief insurance news and digest for the busy executives. A handy insurance news archive with main focus on Malaysia. Disclaimer: While all attempts are made to ensure the accuracy of the news herein, we will not be liable for any loss arising from the use of any information contained in this blog. You may reproduce materials published here provided the source (news.actuaries.com.my) is properly acknowledged.
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Wednesday, 23 December 2009
No strained ties between shareholders in MCIS Zurich
MCIS Zurich denies that there is strained ties between the 2 major shareholders: Koperasi MCIS Bhd, which owns 43.69%, and Zurich Asia Holdings Ltd, which owns 40% of MCIS Zurich.Zurich Asia Holdings Ltd is also not selling its stake in MCIS Zurich, according to CEO of MCIS Zurich.
Earlier, Business Times reported the alleged strained relationship due to the following:
- Zurich FS' proposal of selling 30% of MCIS Zurich to EON was blocked by Koperasi as Koperasi will lose its control on MCIS Zurich. The EON deal would improve MCIS Zurich's market share as EON Bank is currently giving its bancassurance business to Uni.Asia
- Zurich FS did not support Koperasi's proposal to apply for the new takaful licence unless Koperasi was willing to lose its control on MCIS Zurich
About Me
- Name: Teh Loo Hai
- Location: Kuala Lumpur, Malaysia
Loo Hai is an actuarial recruiter cum actuarial consultant. He has over 20 years of work experience gained in Malaysia and Australia in the actuarial, insurance, takaful and pension fields.
Previous Posts
- Findings from Retire-Meter
- AIG is now Chartis
- Desk calendars to be given away
- Uni.Asia's distribution strategy
- BSC intends to increase stake in MAA Takaful
- Jerneh's Suitors
- Jerneh in M&A Negotiations
- MAA Takaful will not be sold to AHB
- Pricing Associate
- Talk to acquire STMB ended
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