This week in insurance: Manulife expands screening, Prudential and Marsh strike deals, leadership shifts emerge

Alaric Lee has been appointed CEO, Hong Kong for Howden.

The insurance and broader financial services landscape from 18 to 22 May was marked by strategic acquisitions and partnerships, leadership changes, and the launch of new products and high-net-worth offerings.

Manulife Singapore will make available the Shield™ multi-cancer detection (MCD) laboratory-developed test in Singapore from May 2026 through its partnership with Guardant Health.

The insurer said it will be the first in Singapore to offer eligible customers access to the test, which screens for multiple cancers using a blood sample.

Prudential plc has agreed to acquire a 75% controlling stake in Bharti Life Insurance Company Limited from Bharti Life Ventures Pvt. Ltd. and 360 ONE Asset Management.

The deal involves an initial cash consideration of $389m (₹3,500 crore) payable upon completion, which will be funded from Prudential's existing resources.

MS&AD Insurance Group Holdings, Inc. has acquired an 18% equity stake in Barings through its subsidiary, Mitsui Sumitomo Insurance Co., Ltd.

MassMutual, the parent company of Barings, retains an 82% controlling stake.

Separately, Marsh has agreed to acquire Japanese insurance broker ENEOS Insurance Service and the insurance business of ENEOS Material Trading, as it looks to expand its presence in Japan’s commercial and personal insurance markets.

The deal, announced by Marsh and ENEOS Holdings, Inc., is expected to close in the third quarter of 2026. Financial terms were not disclosed.

For appointments, Howden announced a leadership transition in its Hong Kong business, effective 1 July. 

Alaric Lee has been appointed CEO, Hong Kong, succeeding Alfred Sham, who will relocate to Singapore to take on the role of Chief Strategy Officer, Asia.

Also, HSBC Life Singapore has launched HSBC Life Prestige Circle, a proposition for high-net-worth (HNW) clients that combines insurance with advisory, health, and lifestyle services. The offering targets HNW and ultra-high-net-worth individuals in Singapore and is designed to support wealth planning, health management, and cross-border financial needs.