Page 16 - The Insurance Times January 2025

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and Issuance Regulations, 2079, as
Nippon Life to Fully Acquire Resolution Life in $8.2 impractical and restrictive.
Billion Deal Association President Rajendra Malla,

Japan's largest insurer, Nippon Life Insurance, has announced plans to ac- along with a delegation, met SEBON
quire full ownership of Resolution Life Group Holdings for $8.2 billion in an Chairperson Santosh Narayan Shrestha,
all-cash deal, solidifying its presence in the U.S. insurance market. This ac- arguing that directors, as shareholders,
quisition marks the largest overseas deal by a Japanese insurer and under- should have the same rights as others
scores Nippon Life's strategy to expand internationally as domestic growth to manage their investments. The asso-
opportunities dwindle due to Japan's aging population. ciation proposed allowing directors to
sell up to 50% of their holdings during
Currently holding a 23% stake in Bermuda-based Resolution Life, Nippon Life their tenure, emphasizing that the cur-
aims to complete the acquisition by the second half of 2025. The deal values rent restriction discourages entrepre-
Resolution Life, co-owned by investors like Blackstone, at $10.6 billion. Reso- neurial activities and deters foreign in-
lution Life's CEO Clive Cowdery will continue to lead the company, which Nippon vestment. They called for an amend-
Life sees as a core growth asset in the world's largest insurance market. ment to foster a more favorable invest-
ment climate in Nepal.
American Healthcare Faces remain that companies will prioritize
damage control over meaningful re- Doha Insurance Group to
Public Outcry Amid Leader- form. Concerns about worsening
ship Tragedy healthcare access under the incoming Launch Reinsurance Arm in
The fatal shooting of UnitedHealth administration add to the uncertainty, India
Group CEO Brian Thompson has sparked with proposed cuts to Medicaid and Doha Insurance Group (DIG), a leading
intense public discourse about the flaws insurance affordability threatening insurance and reinsurance provider in
in the U.S. healthcare system. While the millions of Americans' coverage. the Middle East and North Africa, has
tragic incident drew mixed reactions, it Nepal's Non-Life Insurance announced plans to establish a reinsur-
also highlighted widespread frustration ance branch in India. The branch will
with the industry's profit-driven model, Association Calls for Regu- be located in Gujarat International Fi-
which many feel prioritizes profits over latory Reform nancial Tec-City (GIFT City) and will
patient care. operate under the "Gift City" interna-
Nepal's Non-Life Insurance Association
Thompson's leadership symbolized the has urged the Securities Board of tional insurance office category.
challenges of navigating a deeply frac- Nepal (SEBON) to revise a rule prohib- This expansion, approved by the Qatar
tured system where patients often iting directors of non-life insurance Central Bank, aligns with DIG's growth
face denied claims, exorbitant bills, and companies from selling shares for a strategy, following the success of its
restricted access to care. Critics argue year after leaving their positions. The regional centers that have significantly
that this tragedy should prompt intro- association described the regulation, boosted revenues and strengthened its
spection within the industry, but fears outlined in the Securities Registration insurance portfolio.

The Insurance Times January 2025 15