Munich Re, the world’s biggest reinsurer, said Tuesday that its direct insurance arm is looking to enter new markets in Asia and is interested in parts of AIG’s Asian life insurance business, reports Reuters. Insurers around the world including China Life, covet assets that the embattled US insurance giant is selling in the wake of its $152bn government bailout. AIG’s sprawling Asian operations are seen as especially attractive. Ludger Arnoldussen, a member of Munich Re’s management board, said in Hong Kong that Munich Re’s primary insurance unit, ERGO, was looking to expand in strong emerging Asian markets such as China and South Korea. ERGO’s Asian operations are currently limited to India and South Korea. He also reiterated the group’s expectation that global reinsurance rates would increase by double-digit levels for January renewals as the financial crisis boosts demand.
