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- July 20 2023
Update: Insurers take ‘wait-and-see’ approach to Russia’s Black Sea threat
As the situation escalates with Russia targeting port facilities and destroying grains and the US warning that Moscow may have mined the sea corridor, there is uncertainty if terms can be held for non-Russia, Ukraine, Belarus ports.
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- July 19 2023
China Taiping deputy general manager resigns following reports of corruption probe
Xiao Xing, who has been with the insurer since 2013, is being investigated by the country's anti-graft watchdog.
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- July 18 2023
CNPC Captive’s COR improves 24 points to 71% on reserve releases: Moody’s
The rating agency affirming the captive's A2 rating noting that it has reduced exposure to cat perils after it ceased insuring some pipeline assets divested by CNPC.
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- July 17 2023
Greensill administrator sues IAG for US$2.25bn over Liberty Steel dues: report
The Germany-based administrator claimed that any amount not repaid by Liberty should be recoverable under the insurance from the Australian insurer.
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- July 14 2023
Filipino carriers’ Covid-19 total claims bill was US$412m at end of 2022
Insurance Commission data shows that claims dropped sharply in the second half of last year.
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- July 13 2023
HDI takes Markel’s James Guardino to enter Asian political & credit risk market
Guardino will report to Singapore managing director Graham Silton and Nick Robinson, HDI Global Specialty’s head of political and credit risk in London.
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- July 12 2023
Zurich in APAC leadership shake-up
Sean Walker and Liam Burrell to take on senior APAC commercial roles, Reginald Peacock becomes head of marketing development for Zurich Resilience Solutions, and Alex Morgan to head GI for Australia and NZ.
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- July 12 2023
Axa mulling sale of reinsurance arm: report
The French insurer is considering a sale or an IPO for Axa XL Reinsurance as the group looks to reduce earnings volatility, according to Reuters.
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- July 10 2023
Lloyd’s syndicate Probitas 1492 to cease insuring Adani’s Australian mine
Once the existing policies expire in the next quarter, the carrier will not provide insurance support in the future for any ancillary or associated activities.
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- July 10 2023
Hanwha’s ratings affirmed as capital pressures ease due to IFRS 17 and KI-ICS: AM Best
The negative impact of Carrot on the carrier's consolidated results will decrease gradually as the digital insurer continues to build economies of scale.
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- July 7 2023
Generali acquires US asset manager Conning from Cathay Life
The Taiwanese insurer will hold a 16.75% stake in the Italian carrier's asset management business after the deal.
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- July 7 2023
IAG reduces aggregate cover and increases retentions in July 1 renewals
The Sydney-based insurer purchased aggregate, third and fourth event reinsurance covers for FY 2024.
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- July 7 2023
Hannover Re and IAG renew 2.5% quota share
The new arrangement is effective from July 1, 2023, and has a term of five years.
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- July 5 2023
Property rate increases moderated at mid-year renewals: Guy Carpenter
Global cat reinsurance risk-adjusted rate increases ranged from 10% to 50%, with loss-impacted clients often seeing higher pricing.
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- July 5 2023
Net-zero alliance to make membership rules less prescriptive: report
The UN-led insurers' climate coalition is proposing to remove a six-month deadline for members to publish greenhouse gas emissions targets.
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- July 4 2023
Guy Carpenter rejigs South-East Asia and Korea leadership
Bengt Johnsen is promoted to chairman, while Les Loh takes over as CEO.
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- July 3 2023
New capital, moderated demand lead to orderly 1.7 renewals: Gallagher Re
There were significant year-on-year rate increases and reinsurers sought to bring terms and conditions in line 1.1 and 1.4 renewals.
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- July 3 2023
Korean regulator mulling separate licence for reinsurers
The revised licensing regime will only apply to new players and is intended to bring more capacity and competition to the market, according to a Korean Re report.
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- June 30 2023
Korea’s Woori, Kyobo may join bid for MG Non-Life acquisition: report
The troubled carrier's private equity backer is likely to start the sale process after July 6, when a ruling on an ongoing trial against the industry regulator is expected.
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- June 29 2023
OneDegree raises US$27m in additional Series B fundraise
The virtual insurer, which claims it is on track to achieving profitability by end-2024, will use the proceeds to grow its digital assets business and insurtech offerings globally.
