The Japanese insurer Tokio Marine announced Wednesday that it will buy Asia General Holdings in a move to enter the Singapore and Malaysia markets. Tokio Marine and Nichido Fire Insurance Co., a unit of the Millea Holdings Group, said it expects to pay $427 million for the Singapore insurer, according to a Tokio Marine spokesman.
The deal would more than double Millea Group's annual premium revenue in Southeast Asia, to about $509.3 million. Asia General collects about $297.1 million a year.
There were some intriguing ideas at the event, but whether they'll take off remains to be seen.
New York's attorney general announces MoneyGram will pay a civil fine to settle a lawsuit over its handling of remittance payments; Swedish buy now/pay later lender Klarna is getting into the telecom business; Truist Financial has hired Charles Alston to lead its new nonprofit hospital, higher education and government banking team; and more in this week's banking news roundup.
Deputy Treasury Secretary Michael Faulkender says Basel capital rules need to fit the U.S. economy and avoid discouraging banks from lending.
From AI to crypto to the fraud fight, the industry is rapidly evolving; these young companies are looking to take advantage.
Lipkin, who built Valley National Bancorp from a small community bank into a regional institution with 200 branches in four states, passed away this week at age 84.
Financial markets were shaken but not stirred this past spring, according to the Federal Reserve, as swinging stock prices and bond yields did little to bring down elevated asset prices or leverage.
