More nonlife insurance firms merge

Two nonlife insurance firms will merge before yearend as a number of small players are hard-pressed to comply with the higher capitalization requirement, Insurance Commissioner Dennis B. Funa said Tuesday. "We are down to 54 nonlife companies, but two will be eventually merging before the end of the year---they are actually part of a conglomerate. But I don't want to preempt their announcement. So we will be down to 53 by the end of the year," Funa told reporters on the sidelines of the launch of the AXA Academy in Makati City. The upcoming merger of the two nonlife firms will make the surviving entity "more efficient," Funa said, without disclosing details. Another company earl...

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