Chin Feng set to leave Aon Hong Kong — sources
July 23 2021 by Andrew Tjaardstra
InsuranceAsia News (IAN) understands that Chin Feng, a corporate director at Aon Hong Kong, is set to leave the broker in September.
Before joining the global broker in the Special Administrative Region (SAR), Feng (pictured) was previously Hong Kong and Greater China chief executive for Allianz Global Corporate Specialty (AGCS).
An Aon spokesperson confirmed to IAN on July 22 that Feng will leave the firm and is set to relocate to China and join his family in Shanghai.
Aon is currently in the process of gaining regulatory approval from a number of antitrust regulators in the region– including in Australia, New Zealand and Singapore — for its merger with global broking rival Willis Towers Watson (WTW). China and Taiwan have already approved the deal, while such a process doesn’t need to be undertaken in Hong Kong.
The biggest hurdle for the completion of the deal is with an objection from the US Department of Justice (DoJ). In June, the DoJ initiated a lawsuit to block the transaction citing several major competition reasons in the US market — including higher prices and decreased quality — as to why the merger should not go ahead. Traditionally the second major player (Aon) in a particular US market or industry has difficulties merging with the third (WTW).
Although the DoJ noted Aon and WTW have agreed to proposed divestitures — most notably that of Willis Re to Gallagher — to appease other regulators such as the European Union’s antitrust authority, the complaint alleges these “proposed remedies are inadequate to protect consumers in the US”.
In a joint statement responding to the DoJ’s action, Aon and WTW said: “We disagree with the US DoJ’s action, which reflects a lack of understanding of our business, the clients we serve and the marketplaces in which we operate.”
An initial Washington court date has been set for a trial on November 18. For more IAN insight and analysis on the ongoing broker mega merger, see here.
-
Aon launches India life and health reinsurance practice, appoints Renuka Nar as head
- January 23
Broker also appoints Neha Shah as the practice’s chief actuary.
-
Zurich Kotak appoints Nimesh Jayanti Kanabar as CRO
- January 23
Industry veteran joins firm from domestic peer Zuno General Insurance.
-
Tower names Paul Johnston as interim CEO
- January 23
Johnston, who was most recently CFO for the New Zealand carrier, will succeed incumbent CEO Blair Turnbull effective from February 13.
-
India’s Zurich Kotak appoints Sutikshan Mishra as financial institutions group head
- January 22
Mishra joins firm from health insurer Star Health and Allied Insurance, where he was business head for bancassurance sales and strategic alliances.
-
AXA XL | Low and no-cost cybersecurity actions for companies
Considering the increasing frequency of attacks, the evolving threat landscape, including the use of AI to launch more sophisticated attacks, companies today can’t afford to ignore the possibility of being targeted by cybercriminals.
-
BHSI | Managing non-Asian exposure in long-tail lines
While US-exposed business can look attractive to Asian carriers, managing the volatility around the long-term results and the ability to model those losses are crucial, say BHSI’s Marc Breuil and Marcus Portbury.
-
Sedgwick | To Handle CAT Claims Well, Multi-Step Preparation is Key
When it comes to risk, it’s not a matter of “if” it’s a matter of “when” an event will occur.
-
HSBC Asset Management | Is it time to relook at Asian currency bonds?
With diversification and performance high on investors’ agendas, it seems a good time for global portfolios to revive allocations in Asian local currency bonds – including Hong Kong dollar (HKD) bonds.
