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NZ insurers waive terrorism exclusions; Grab enters microinsurance market

S&P Global Market Intelligence offers our top picks of insurance news stories and more published throughout the week. Please note that some entries may have links to third-party sources that may require a subscription.

Insurers waive terrorism exclusions after New Zealand shooting

* New Zealand insurers AA Insurance Ltd. and Tower Ltd. are waiving the terrorism exclusions in their house, car, contents and commercial building policies for damage claims related to the recent shootings in Christchurch, online news portal Stuff reported. Insurance Australia Group Ltd., which owns insurers operating in New Zealand, will do the same.

M&A corner

* China Taiping Insurance Holdings Co. Ltd. subsidiary Taiping Life Insurance Co. Ltd. agreed to acquire a 4.78% stake in Shanghai Rural Commercial Bank Co. Ltd. from Shenzhen Legend Science Park Co. Ltd. for 2.86 billion yuan.

* Jammu & Kashmir Bank Ltd. will sell 41,111,111 equity shares of PNB MetLife India Insurance Co. Ltd. to Oman India Joint Investment Fund II for 1.85 billion rupees.

* Macquarie Group Ltd. sold its premium funding business Macquarie Pacific Funding to insurance broker Steadfast Group Ltd. for an undisclosed sum, The Australian Financial Review reported.

* EQT Holdings Ltd. completed the acquisition of Zurich Australia Ltd.'s superannuation trustee, Zurich Australian Superannuation Pty. Ltd.

In other news

* PERILS AG said its second property loss estimate for the December 2018 Sydney hailstorms is A$633 million, down from its initial estimate of A$635 million. The catastrophe insurance data provider will release its third estimate June 20.

* New China Life Insurance Co. Ltd. reported full-year 2018 net profit attributable to shareholders of 7.92 billion yuan, compared to 5.38 billion yuan for 2017. EPS for the year rose to 2.54 yuan from 1.73 yuan.

* AIA Group Ltd.'s newly approved China sales centers are expected to open for business as soon as June, President and CEO Ng Keng Hooi said at a press conference in Hong Kong. The establishment of sales and service centers in the cities of Tianjin and Hebei province's Shijiazhuang will be AIA's first expansion within China since 2002.

* Ride-hailing technology company Grab is entering Southeast Asia's microinsurance industry through its fintech arm Grab Financial Group. The company will begin offering microinsurance and small and medium-sized enterprise lending in Singapore.

* Sinarmas Group CEO Gandhi Sulistyanto said PT Asuransi Jiwa Sinarmas MSIG, a joint venture between PT Sinar Mas Multiartha Tbk and Japan's Mitsui Sumitomo Insurance Co. Ltd., will soon be listed on the Indonesian stock exchange, IDNFinancials reported, citing a report by Kontan. The offer price and number of shares to be listed were not disclosed.