Insurance

Toronto-based Fairfax Financial Holdings Limited announced that it has entered into an agreement with Thailand-based Thai Reinsurance Public Company Limited to acquire about 25% of Thai Reinsurance

Toronto-based Manulife Financial announced that it has received approval in principle from Cambodia’s Ministry of Economy and Finance to set up a wholly foreign-owned life insurance operation in Ca

Bank Danamon of Indonesia and Manulife Indonesia, a subsidiary of Toronto-headquartered Manulife Financial, announced the signing of a strategic partnership to enhance joint offerings of banking, i

Manulife Financial, headquartered in Toronto, announced that its subsidiary, PT Asuransi Jiwa Manulife Indonesia (Manulife Indonesia), has opened a new marketing office south of Jakarta, Indonesia.

Toronto-based Manulife-Sinochem (MSL) announced that the China Insurance Regulatory Commission (CIRC) has approved licences to establish operations in the cities of Linyi and Yancheng.

Toronto-based Fairfax Financial Holdings Limited announced the purchase of a 15% interest in Alltrust Insurance Company of China for approximately US$66 million, subject to final approval by the Chinese Insurance Regulatory Commission. Shanghai-based Alltrust provides a full spectrum of primary insurance products and services in China, including property insurance, liability insurance, surety bonds, short-term health insurance, accident insurance, motor insurance and reinsurance.

Toronto-based Sun Life Financial will create a new equity-based joint venture company in Indonesia with Bank CIMB Malaysia. The joint venture, CIMB Sun Life, will allow Sun Life to provide its health, accident and life insurance products through CIMB’s 600 branches in Indonesia. Sun Life has about 4,000 agents in Indonesia at present. Bank CIMB Malaysia is a part of a large Malaysian bank, Bumiputra-Commerce Holdings Berhad.

Toronto-based financial services group, Manulife Financial, announced that Donald Guloien will succeed Dominic DAlessandro as its President and CEO, effective May 7, 2009. Mr. DAlessandro, who has led Manulife since 1994, will retire on that date. Mr. Guloien is a 28-year veteran of the firm and is currently Senior Executive Vice President and Chief Investment Officer, as well as Chairman and CEO of MFC Global Investment Management. He is also a member of Manulife Financial Corporations Executive and Management Committees.

Sun Life Everbright Life Insurance Co. Ltd., a joint venture between Toronto-based Sun Life Financial and China Everbright Group, received approval from the China Insurance Regulatory Commission to establish a branch in Guangzhou city. The new branch will open in July 2008. The joint venture now has a total of five provincial branches.

Manulife Insurance, the Japanese unit of Canada’s Manulife Financial, announced that Craig Bromley has been appointed as President. Manulife Financial has operations in Hong Kong, the Philippines, Singapore, Indonesia, Taiwan, China, Japan, Vietnam, Malaysia and Thailand.