MALAYSIA: MNRB Holdings, a Malaysian company focused on insurance, reinsurance and Takaful, entered into a conditional share purchase agreement to acquire the remaining 80% equity interest in Labuan Reinsurance (Labuan Re) for a total cash consideration of approximately US$100.69 million. MNRB already holds a 20% stake in Labuan Re, an offshore reinsurer based in the Labuan International Business and Financial Centre, through its wholly owned subsidiary Malaysian Reinsurance.
Labuan Re’s business is supported by three primary income streams: underwriting reinsurance and re-Takaful; participation in the Lloyd’s market; and investment income.
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