Latest news with #UIB
Mint
3 hours ago
- Business
- Mint
Edme Insurance Brokers acquires UIB Insurance to strengthen reinsurance business
Edme Insurance Brokers Ltd (formerly Aditya Birla Insurance Brokers Ltd) has acquired the Indian operations of London-based UIB Group in a strategic initiative to strengthen its value proposition. UIB Group is a privately owned international insurance and reinsurance broker. Its Indian operation, UIB Insurance Brokers (India) Pvt. Ltd, extends the group's operations to India. Edme's acquisition will help the insurance broker gain exposure to reinsurance brokerage while also allowing the entity to access UIB's deep client relationships. The company did not mention the amount at which the acquisition, which is subject to regulatory approvals, was made. Following completion of the applicable statutory process, the merged entity will continue as Edme Insurance Brokers, a company statement from Edme said. The statement added that the merger of the two companies marks a significant milestone in Edme's journey to being recognised as one of the largest players in the Indian insurance and reinsurance broking industry. Sanjay Radhakrishnan, CEO of Edme Insurance Brokers, said there will be no reduction in employee headcount or change to client-facing teams, and leadership roles will remain unchanged, ensuring continuity for all stakeholders. The merged entity aims to become a leading force in wholesale, reinsurance, and retail broking, offering insurance solutions and tech-enabled risk management solutions to clients in the Indian market, the statement said. Edme has been pursuing both organic and inorganic routes to emerge as one of the leading insurance brokers in India. This strategic merger brings together two strong players with complementary strengths: Edme's vision for sector-focused innovation and digital transformation and UIB India's legacy of reinsurance expertise and deep client relationships. UIB's clients in India will not see any change in service quality or terms. In fact, clients will gain access to broader expertise, more product options, and deeper placement reach, including expanded offerings such as cyber, liability, trade credit, surety, PEMA, parametric solutions, and speciality reinsurance solutions, Radhakrishnan said. Edme and UIB will leverage their capabilities, talent pool, and digital infrastructure to deepen insurance penetration, design bespoke risk solutions, and enhance customer experience across India, the company statement said. The combined entity is well poised to deliver market-beating growth of 25% plus CAGR in the coming years, Radhakrishnan said. 'With UIB India's reinsurance experience and our deep local insights, we are well-positioned to deliver bespoke solutions across wholesale, retail, and reinsurance segments,' Edme's Radhakrishnan said. 'This merger is a key milestone in our journey to become a dominant force in the financial services sector and contribute towards Irdai's 'Insurance for All by 2047' vision. This transaction aligns perfectly with Edme's long-term ambition of becoming a globally respected Indian multinational in insurance broking,' Manish Mehta, managing director and co-CIO, Samara Capital, said. Surendra Mehta, the CEO of UIB Insurance Brokers, added, 'We are excited to join hands with Edme to build on the strong foundation established by both firms. This merger is just the beginning of a new chapter." Edme Insurance Brokers acquired Aditya Birla Insurance Brokers in 2024. Following its acquisition, Edme introduced an expanded suite of products and solutions to its clients in line with the dynamic international insurance market. UIB Group is one of the largest privately owned independent international insurance and reinsurance brokers and is headquartered in London. It comprises more than 500 professionals across 16 countries, including strategic hubs in Europe, Asia, Latin America, and the Middle East. UIB is renowned for its expertise in complex risk sectors—including aviation, marine, energy, cyber, political violence, construction, and financial institutions—providing bespoke global solutions supported by strong local knowledge.
Daily Record
31-07-2025
- Daily Record
Spain holiday hotspot swarmed by invasion of horseshoe snakes
The island sees more than 2.3 million British visitors annually and has experienced a dramatic surge in non-native snake populations A popular Spanish holiday hotspot has reportedly been invaded by so many serpents that wildlife specialists are calling for "thousands and thousands of traps". Mallorca, which welcomes over 2.3 million British tourists each year, alongside the wider Balearic islands, has witnessed a dramatic explosion in non-native snake numbers. The horseshoe snake, one particular breed, could pose significant dangers to the local ecosystem. While this reptile can flourish in diverse environments, it commonly dwells in forests, agricultural zones, and built-up areas across southwestern Europe. COFIB, Mallorca's wildlife rescue and sanctuary organisation, reportedly captured nearly 3,000 horseshoe snakes throughout 2023 alone. Despite these measures, the invasive breed continues to endanger the area's environmental balance. Samuel Pinya, a biologist from the University of the Balearic Islands (UIB), told Spanish publication Diario AS: "We need thousands and thousands of traps to reduce the population." He continued: "The horseshoe snake has swum in, and when it arrives, it eats everything." Nicolau Cerdà, from the Association of Organic Farmers and Producers of Mallorca (APAEMA), explained: "These snakes are beneficial for farmland on the mainland, but on an island like Mallorca, with no predators at all, they become voracious and hunt all wildlife. "They have no competitors and cause imbalances in nature. They've almost wiped out the lizard, and all small fauna, such as geckos, amphibians or small birds like chicks, sparrows or partridges, they wipe them out." What if a tourist is bitten by a horseshoe snake? While local authorities are concerned about the impact of the snake on the native ecosystem, they pose little danger to people in the area. This is because the species is non-venomous, meaning a bite should not pose a serious threat to life. However, if holidaymakers encounter a horseshoe snake while visiting Mallorca, they should keep a safe distance as it can still deliver a painful bite when threatened. It might also be prudent to alert local authorities, as community efforts to control the population of horseshoe snakes continue. How to identify a horseshoe snake Mallorca is home to several types of snakes, making it difficult to immediately identify which one might need to be reported to officials. However, the horseshoe snake typically stands out from other snakes due to its larger size, which can reach up to 170cm in length. The head is also flat and pointed, distinguishing it from the rest of the body. Its name can also help with identification as the species usually has an open horseshoe-shaped marking, along with a particularly long and slender tail. Typically, the horseshoe snake's scales are of an olive-brown hue and often bear dark circular markings against a white or yellow belly.
Business Times
30-05-2025
- Business
- Business Times
Joint venture by Boustead Projects' unit clinches JTC tender to develop industrial facility on Tukang Innovation Drive site
[SINGAPORE] A joint venture of Boustead Projects' wholly owned subsidiary was awarded a tender by JTC Corporation on Friday (May 30) to develop an industrial facility on a land parcel under the Industrial Government Land Sales Programme. The subsidiary, BP-Innovue, is the real estate solutions division of mainboard-listed Boustead Singapore. The land parcel – known as Tukang Innovation Drive Plot A – spans 18,687 square metres, with a proposed allowable gross floor area of 46,717.5 sq m. Designated as a Business 2 zone, the site will be developed into a multi-user industrial facility with heavy vehicle parking. Strata subdivision is permitted for the development. This marks the first development project that has been secured since vertically integrated Pan-Asian logistics and industrial real estate platform UIB was formed in March, noted Boustead. UIB will be jointly providing development management services to deliver this project. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Launched by JTC in December 2024, the land parcel is the first site under the Industrial Government Land Sales Programme to be awarded with an additional three years of lease, under recent enhancements to the industrial land lease framework. The 33-year land lease tenure will allow businesses to utilise a full 30-year intended lease term. Boustead said the development of the site is not expected to have a material impact on the profitability, earnings per share and net tangible asset value per share of the group in the current financial year ended Mar 31, 2026. It added that none of the directors or controlling shareholders of the company has any interest, direct or indirect, in the tender and acceptance letter. Shares of Boustead closed at S$1.11, down S$0.03 or 2.6 per cent on Friday, before the announcement.
African Manager
28-03-2025
- Business
- African Manager
Tunisia: UIB announces profit of 85 million dinars and proposes dividend of 0.850 dinars
The Union Internationale de Banques (UIB) announced on Thursday that its Board of Directors, meeting on March 3, 2025, approved the individual and consolidated financial statements of the Bank for the financial year 2024. The individual financial statements show a positive equity of 1 billion dinars, including the profit for the year of 85.7 million dinars, against 126.6 million dinars in 2023, a decrease of about 32%. The Board of Directors will therefore propose to the Annual General Meeting to be held on Wednesday April 30, 2025 the distribution of a total dividend of 29.3 million dinars, corresponding to a dividend of 0.850 dinars per share or investment certificate, the same as last year.
African Manager
08-02-2025
- Business
- African Manager
Tunisia: Société Générale abandons plans to sell its stake in UIB
The Union Internationale de Banques (UIB) announced that during its Board of Directors meeting held on February 7, 2025, Société Générale—which holds a 52.34% stake in UIB—recalled that it had been exploring various strategic options since June 2023, including the possibility of selling its shares in UIB. After carefully assessing market opportunities and conditions, Société Générale has decided, in the current context, to focus its efforts on strengthening UIB's positioning, driving its transformation, and supporting its growth to serve the Tunisian economy, with the backing of its co-shareholders. The Board of Directors was informed that Société Générale will remain attentive to market developments and open to any opportunities that align with its strategic objectives and the interests of UIB and its various stakeholders.
