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                    [ArticleID] => 324423
                    [Title] => SEC approves capital hike of National Reinsurance to P3B
                    [Summary] => The Securities and Exchange Commission (SEC) has approved the increase in capital stock of National Reinsurance Corp. of the Philippines from P1 billion to P3 billion,  paving the way for its merger with Universal Malayan Reinsurance Corp. (UMRE).


Of the increase in capitalization, P1.59 billion has been subscribed and paid.


SEC documents show that National Reinsurance will be the surviving entity with an asset base of P5.5 billion upon completion of the merger.


                    [DatePublished] => 2006-03-05 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 1804021
                    [AuthorName] => Zinnia B. Dela Peña
                    [SectionName] => Business
                    [SectionUrl] => business
                    [URL] => 
                )

            [1] => Array
                (
                    [ArticleID] => 304347
                    [Title] => Insurance firms’ merger okayed
                    [Summary] => 



All is set for the merger of National Reinsurance Corp. and Universal Malayan Reinsurance Corp. (UMRE) after their respective boards gave their go signal to join forces to make it at par with other reinsurance firms in Southeast Asia.


Once the merger is completed, the surviving entity (National Re) will have an asset base of P5.5 billion and an equity base of P3 billion.


Around 87 percent of National Re’s stockholders voted in favor of the merger while 99 percent of UMRe’s stockholders gave their approval to the union.


                    [DatePublished] => 2005-10-30 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 1804021
                    [AuthorName] => Zinnia B. Dela Peña
                    [SectionName] => Business
                    [SectionUrl] => business
                    [URL] => 
                )

            [2] => Array
                (
                    [ArticleID] => 249850
                    [Title] => DOF holds pre-bid conference on $6.5-B Napocor insurance policy
                    [Summary] => The inter-agency committee led by the Department of Finance (DOF) conducted yesterday the pre-bid conference on the $6.5 billion industrial all-risks insurance policy of the state-owned National Power Corp. (Napocor). 


As of press time, the results of the pre-bid conference still had to be disclosed by the committee. 


The Government Service Insurance System (GSIS) had assumed 70 percent of the reinsurance contract in April 2003, following two failed bids to procure the services of a broker to reinsure Napocor’s assets. 


                    [DatePublished] => 2004-05-13 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 1096364
                    [AuthorName] => Donnabelle L. Gatdula
                    [SectionName] => Business
                    [SectionUrl] => business
                    [URL] => 
                )

            [3] => Array
                (
                    [ArticleID] => 244595
                    [Title] => Uni Re, Malayan merger forms P1-B firm
                    [Summary] => A strong local reinsurance industry capable of competing in Southeast Asia and attaining retention levels that should minimize outflow of precious foreign reserves is now clearly on the horizon.


This encouraging prospect follows the merger of two of the country’s biggest names in the Philippine reinsurance business: Malayan Reinsurance Corp. (Malayan Re) of the Yuchengcos and Universal Reinsurance Corp. (Uni Re) of the Ayalas. Both groups have equal interests in the new company.


                    [DatePublished] => 2004-03-30 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 
                    [AuthorName] => 
                    [SectionName] => Banking
                    [SectionUrl] => banking
                    [URL] => 
                )

            [4] => Array
                (
                    [ArticleID] => 230311
                    [Title] => Reinsurance industry consolidates; Universal, Malayan groups merge
                    [Summary] => Universal Reinsurance Corp. (Universal Re) and Malayan Reinsurance Corp. (Malayan Re) have merged operations, resulting in the shrinking of the local reinsurance industry.


Malayan Re chief executive Matias  Simbulan said the "merger of equals" would result in the surviving entity, after completion of the detailed talks as well as fulfillment of government requirements, known as the Universal Malayan Reinsurance Corp.


Unofficial estimates place the merged reinsurers’ resources of over P1 billion.


                    [DatePublished] => 2003-12-04 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 1097672
                    [AuthorName] =>  Ted P. Torres
                    [SectionName] => Business
                    [SectionUrl] => business
                    [URL] => 
                )

            [5] => Array
                (
                    [ArticleID] => 222514
                    [Title] => Napocor readies bidding for $6.5-B reinsurance coverage
                    [Summary] => The National Power Corp. (Napocor) is preparing for the bidding of its $6.5-billion Industrial All-Risk (IAR) reinsurance policy, Department of Energy (DOE) sources said.


"The Napocor and the Government Service Insurance System (GSIS) are already preparing the reinsurance bidding for the main IAR for 2004 and 2005," the sources said.


                    [DatePublished] => 2003-09-30 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 1096364
                    [AuthorName] => Donnabelle L. Gatdula
                    [SectionName] => Business
                    [SectionUrl] => business
                    [URL] => 
                )

            [6] => Array
                (
                    [ArticleID] => 208689
                    [Title] => Insurers’ investments hit P3.7-B
                    [Summary] => The investment climate for financial institutions has been sluggish if not downright pathetic, that the country’s insurance industry, often times outdoing other institutions, has had to content with a mere P1.9 billion in the first four months of the year.


However, investments in foreign currency-denominated instruments nearly overtook the peso-denominated investments with at least P1.84-billion in both US dollar and euro currencies, an industry first incidentally. 


                    [DatePublished] => 2003-06-03 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 1097672
                    [AuthorName] =>  Ted P. Torres
                    [SectionName] => Banking
                    [SectionUrl] => banking
                    [URL] => 
                )

        )

)

MALAYAN REINSURANCE CORP

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    [results] => Array
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                (
                    [ArticleID] => 324423
                    [Title] => SEC approves capital hike of National Reinsurance to P3B
                    [Summary] => The Securities and Exchange Commission (SEC) has approved the increase in capital stock of National Reinsurance Corp. of the Philippines from P1 billion to P3 billion,  paving the way for its merger with Universal Malayan Reinsurance Corp. (UMRE).


Of the increase in capitalization, P1.59 billion has been subscribed and paid.


SEC documents show that National Reinsurance will be the surviving entity with an asset base of P5.5 billion upon completion of the merger.


                    [DatePublished] => 2006-03-05 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 1804021
                    [AuthorName] => Zinnia B. Dela Peña
                    [SectionName] => Business
                    [SectionUrl] => business
                    [URL] => 
                )

            [1] => Array
                (
                    [ArticleID] => 304347
                    [Title] => Insurance firms’ merger okayed
                    [Summary] => 



All is set for the merger of National Reinsurance Corp. and Universal Malayan Reinsurance Corp. (UMRE) after their respective boards gave their go signal to join forces to make it at par with other reinsurance firms in Southeast Asia.


Once the merger is completed, the surviving entity (National Re) will have an asset base of P5.5 billion and an equity base of P3 billion.


Around 87 percent of National Re’s stockholders voted in favor of the merger while 99 percent of UMRe’s stockholders gave their approval to the union.


                    [DatePublished] => 2005-10-30 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 1804021
                    [AuthorName] => Zinnia B. Dela Peña
                    [SectionName] => Business
                    [SectionUrl] => business
                    [URL] => 
                )

            [2] => Array
                (
                    [ArticleID] => 249850
                    [Title] => DOF holds pre-bid conference on $6.5-B Napocor insurance policy
                    [Summary] => The inter-agency committee led by the Department of Finance (DOF) conducted yesterday the pre-bid conference on the $6.5 billion industrial all-risks insurance policy of the state-owned National Power Corp. (Napocor). 


As of press time, the results of the pre-bid conference still had to be disclosed by the committee. 


The Government Service Insurance System (GSIS) had assumed 70 percent of the reinsurance contract in April 2003, following two failed bids to procure the services of a broker to reinsure Napocor’s assets. 


                    [DatePublished] => 2004-05-13 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 1096364
                    [AuthorName] => Donnabelle L. Gatdula
                    [SectionName] => Business
                    [SectionUrl] => business
                    [URL] => 
                )

            [3] => Array
                (
                    [ArticleID] => 244595
                    [Title] => Uni Re, Malayan merger forms P1-B firm
                    [Summary] => A strong local reinsurance industry capable of competing in Southeast Asia and attaining retention levels that should minimize outflow of precious foreign reserves is now clearly on the horizon.


This encouraging prospect follows the merger of two of the country’s biggest names in the Philippine reinsurance business: Malayan Reinsurance Corp. (Malayan Re) of the Yuchengcos and Universal Reinsurance Corp. (Uni Re) of the Ayalas. Both groups have equal interests in the new company.


                    [DatePublished] => 2004-03-30 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 
                    [AuthorName] => 
                    [SectionName] => Banking
                    [SectionUrl] => banking
                    [URL] => 
                )

            [4] => Array
                (
                    [ArticleID] => 230311
                    [Title] => Reinsurance industry consolidates; Universal, Malayan groups merge
                    [Summary] => Universal Reinsurance Corp. (Universal Re) and Malayan Reinsurance Corp. (Malayan Re) have merged operations, resulting in the shrinking of the local reinsurance industry.


Malayan Re chief executive Matias  Simbulan said the "merger of equals" would result in the surviving entity, after completion of the detailed talks as well as fulfillment of government requirements, known as the Universal Malayan Reinsurance Corp.


Unofficial estimates place the merged reinsurers’ resources of over P1 billion.


                    [DatePublished] => 2003-12-04 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 1097672
                    [AuthorName] =>  Ted P. Torres
                    [SectionName] => Business
                    [SectionUrl] => business
                    [URL] => 
                )

            [5] => Array
                (
                    [ArticleID] => 222514
                    [Title] => Napocor readies bidding for $6.5-B reinsurance coverage
                    [Summary] => The National Power Corp. (Napocor) is preparing for the bidding of its $6.5-billion Industrial All-Risk (IAR) reinsurance policy, Department of Energy (DOE) sources said.


"The Napocor and the Government Service Insurance System (GSIS) are already preparing the reinsurance bidding for the main IAR for 2004 and 2005," the sources said.


                    [DatePublished] => 2003-09-30 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 1096364
                    [AuthorName] => Donnabelle L. Gatdula
                    [SectionName] => Business
                    [SectionUrl] => business
                    [URL] => 
                )

            [6] => Array
                (
                    [ArticleID] => 208689
                    [Title] => Insurers’ investments hit P3.7-B
                    [Summary] => The investment climate for financial institutions has been sluggish if not downright pathetic, that the country’s insurance industry, often times outdoing other institutions, has had to content with a mere P1.9 billion in the first four months of the year.


However, investments in foreign currency-denominated instruments nearly overtook the peso-denominated investments with at least P1.84-billion in both US dollar and euro currencies, an industry first incidentally. 


                    [DatePublished] => 2003-06-03 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 1097672
                    [AuthorName] =>  Ted P. Torres
                    [SectionName] => Banking
                    [SectionUrl] => banking
                    [URL] => 
                )

        )

)

abtest

SEC approves capital hike of National Reinsurance to P3B

By Zinnia B. Dela Peña | March 5, 2006 - 12:00am

The Securities and Exchange Commission (SEC) has approved the increase in capital stock of National Reinsurance Corp. of the Philippines from P1 billion to P3 billion, paving the way for its merger with Universal...

Business

Insurance firms’ merger okayed

By Zinnia B. Dela Peña | October 30, 2005 - 12:00am

All is set for the merger of National Reinsurance Corp. and Universal Malayan Reinsurance Corp. (UMRE) after their respective boards gave their go signal to join forces to make it at par with other reinsurance...

Business

DOF holds pre-bid conference on $6.5-B Napocor insurance policy

By Donnabelle L. Gatdula | May 13, 2004 - 12:00am

The inter-agency committee led by the Department of Finance (DOF) conducted yesterday the pre-bid conference on the $6.5 billion industrial all-risks insurance policy of the state-owned National Power Corp. (Napocor)....

Business

Uni Re, Malayan merger forms P1-B firm

March 30, 2004 - 12:00am

A strong local reinsurance industry capable of competing in Southeast Asia and attaining retention levels that should minimize outflow of precious foreign reserves is now clearly on the horizon. This encouraging...

Banking

Reinsurance industry consolidates; Universal, Malayan groups merge

By Ted P. Torres | December 4, 2003 - 12:00am

Universal Reinsurance Corp. (Universal Re) and Malayan Reinsurance Corp. (Malayan Re) have merged operations, resulting in the shrinking of the local reinsurance industry. Malayan Re chief executive Matias Simbulan...

Business

Napocor readies bidding for $6.5-B reinsurance coverage

By Donnabelle L. Gatdula | September 30, 2003 - 12:00am

The National Power Corp. (Napocor) is preparing for the bidding of its $6.5-billion Industrial All-Risk (IAR) reinsurance policy, Department of Energy (DOE) sources said. "The Napocor and the Government Service...

Business

Insurers’ investments hit P3.7-B

By Ted P. Torres | June 3, 2003 - 12:00am

The investment climate for financial institutions has been sluggish if not downright pathetic, that the country’s insurance industry, often times outdoing other institutions, has had to content with a mere P1.9...

Banking