Asia Pacific insurance M&A – (Re)in Asia

Insurance M&A.

Coverage, analysis, and market impact across APAC insurance.

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ACCC blocks IAG's RAC Insurance acquisition for second time

Steadfast inks A$7.7bn takeover deal with Amwins-Dragoneer-KKR consortium

Bank Rakyat building in Malaysia with Malaysian flag, related to MNRB's Takaful sale.

Modern office building with blue glass windows and a large EtIqa sign on the roof, featuring a yellow smile beneath the letters.

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Retrospective solutions gain traction, but APAC adoption lags

Across APAC, legal fragmentation and lingering misconceptions continue to limit the use of retrospective solutions, SIRC panellists said.

Shinhan Financial to acquire 77% of Lotte Non-Life for US$516m

The group plans to merge the insurer with Shinhan EZ General Insurance and inject capital ahead of tighter K-ICS requirements.

FWD to reacquire 25% stake in bolttech Insurance Hong Kong for US$20.72m

The proposed transaction is expected to deepen cooperation between the companies across group medical and general insurance, subject to the satisfaction of multiple closing conditions.

Second ACCC rejection sends IAG's RAC Insurance bid to public benefit test

Regulator found rival insurers would be unlikely to offset competition lost, but insurer says it will now seek approval on public benefit grounds.

Steadfast inks A$7.7bn takeover deal with Amwins-Dragoneer-KKR consortium

The parties aim to complete the A$7.7bn transaction by December, subject to shareholder, court and regulatory approvals.

MNRB to sell direct takaful arms to Bank Rakyat for US$400m

Malaysian Re's parent will divest Takaful IKHLAS Family and Takaful IKHLAS General to the cooperative bank, and keep its retakaful business.

Maybank to take full control of Etiqa in US$1.2bn Ageas buyout

The billion-dollar deal will be financed through Maybank's internal and external funding and is expected to close in 2026.

Allianz strikes S$2.7bn deal for HSBC Life Singapore

The two groups will also enter a 15‑year exclusive bancassurance partnership, with the deal slated for completion in the first half of 2027.

India, Malaysia drive biggest insurance deals as APAC activity cools in Q2

Against a broader regional slowdown, Southeast Asia stood out as the most active deal market.

Australia’s Steadfast gets A$7.7bn takeover offer from Amwins, Dragoneer

Joint bid values Steadfast at A$7.7bn (approx. US$5.41bn), with an eight-week due diligence period underway.

Softbank's PayPay to acquire 70% stake in T&D Financial Life for US$840m

The transaction would give PayPay a direct foothold in Japan’s life sector and create new cross-selling options with its existing customer base.

Thailand's OIC puts insurers at centre of resilience push as risks and costs rise

The regulator is reshaping the insurance market through a five-year plan that extends regulatory reach to entire corporate groups, tightens capital standards, and pushes insurers to close the country's...

South Korea's DB Insurance completes US$1.65bn acquisition of Fortegra

Fortegra will operate independently under its existing leadership as the two companies target growth across the US, Europe and Asia.

Australia and New Zealand lead APAC insurance M&A in Q1 as India activity slows

Cross-border expansion by global insurers underpinned Asia-Pacific insurance M&A in Q1 2026, with a rebound in Australia and New Zealand.

MNRB to acquire remaining 80% of Labuan Re for US$100m

The deal will lift the group's ownership of Labuan Re to 100% and is slated to be completed by the fourth quarter of 2026.

Prudential to acquire 75% stake in India’s Bharti Life for US$389m

The deal is expected to require Prudential to cut its stake in ICICI Prudential Life to below 10%.

Marsh to acquire ENEOS insurance units in Japan

The broker will acquire ENEOS Insurance Service and ENEOS Material Trading from the Japanese energy group, with closing expected in Q3 2026.

New MGA regime flagged as last-mile growth lever for India’s insurance market

Newly recognised MGAs can bind policies and underwrite risks locally, offering a faster route to regional and niche product growth in India.

Zurich seals US$10.9bn bid to buy Beazley

Following a series of failed bids, Zurich has now agreed terms to create a specialty insurance business with about US$15bn in annual gross written premiums.

QBE to take sole ownership of India's Raheja QBE in US$35.4m buyout

The move, subject to IRDAI approval, follows 18 years of the Group's joint ownership of the insurer with Prism Johnson Limited.