Chubb mulls selling stake in Malaysian insurance unit

KUALA LUMPUR: Chubb Ltd., the US-listed property and casualty insurer, is considering paring its stake in its Malaysian insurance unit to comply with a 70% limit on foreign ownership, according to people with knowledge of the matter, Bloomberg reported.

The news wire reported on Friday Chubb has picked Maybank Investment Bank to advise on a possible stake sale or domestic IPO, said the people, who asked not to be identified as process is private..

“The 30% stake could fetch at least RM200mil, said one of the people,” Bloomberg reported.

The wire reported earlier that foreign insurers are said to plan US$2bil of Malaysia deals.

Chubb declined to comment in an emailed statement, while a spokeswoman for Maybank declined to comment.

Chubb Insurance Malaysia Bhd. has a network of 23 branches and 2,000 agents, according to its website.